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Accounts are prepared according to accounting concepts, principles and conventions. As final accounts are prepared on accrual basis, this becomes essential to subtract all those expenses that are basically paid during the current financial year though applicable to the other accounting periods. And to add all those expenses, that benefit the current accounting period either the payment was form or not. As same in case of earnings, subtract all such revenue items, obtained in the current accounting period but appropriate to the other accounting period s. Add all those revenue items, that have been earned currently but not even been received. The over stated corrections in the final account are termed as Adjustments that are made with the help of adjusting entries. Adjustments make sure a proper matching of costs and revenue for obtaining correct loss or profit for the specified accounting period.
Early in 2014, Dobbs Corporation engaged Kiner, Inc. to design and construct a complete modernization of Dobbs's manufacturing facility. Construction was begun on June 1, 2014 and
Standard Cost A predetermined cost is representing the ideal or norm achievable through an organization. Standard costs form the basis of a standard cost system used extensivel
advantage of physical measure
A 1- year Canadian bond with a face value of 5000 can be purchased at 4800. a) Calculate the nominal interest rate in Canada. b) if the Canadian dollar is expected to depreci
As the Junior Bank Clerk of a business, one of your monthly tasks is to prepare the bank reconciliation statement. At the month ending 31 January 2012, the bank statement has be
When firms enter into loan agreements with their bank it is very common for the agreement to have a restriction on the minimum current ratio the firm has to maintain. So, it is imp
sir i want to know the whole procress of costing
The Smiths have two children who live with them: Sandy and Judy. Both are full-time students. Sandy is an accomplished singer and made $4,200 during the year performing at special
Prepare answers to each of the following questions. Assume a tax rate of 30%. (i) Harry Ltd has a balance of prepaid rent in the balance sheet amounting to $100 000 as at 30 Ju
costing for materials and control
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