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Q. Describe about Expense?
Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditures aren't expenses. Forinstance, a company buys a truck. It trades one asset - cash - to attain another asset. Anexpenditure has taken place however no expense is recorded. Only as the truck is depreciated will anexpense be recorded. The notion of expense as different from an expenditure is one reasonfinancial reports don't show numbers which represent spendable cash. Distinctionbetween an expense and an expenditure is significant in understanding how accountingworks and what financial reports mean. (To expense is a verb. It means to charge anexpenditure against income when expenditure occurs. Opposite is to capitalize.)
Q. Illustrate about corporation? A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately
AP2-2
Q. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
Generally Accepted Auditing Standards (GAAS) - Standards set by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which concern AUDITOR'S professional qualities and judgme
Selling the rights to the quantity owing by debtors to a finance company for an agreed amount (which is a lesser amount of than the figure at which they are recorded in the account
Explain the term- Reversing entries and Interim statements Reversing entries - Made the first day of new accounting period. They are exact opposite of the adjusting entries
The organization's name is Coffee Affectionardo Pty Ltd and the company imports and sell various types of coffee machines, grinders, filters and beans. The business has two dir
explain the procidure followed in government system of accounting in india?
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