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Q. Explain accrual basis of accounting?
In certain circumstances companies may perhaps use the cash basis for income tax purposes. All through the text we use the accrual basis of accounting which matches expenses incurred and revenues earned because most companies use the accrual basis. The accrual basis of accounting is familiar with revenues when sales are made or services are performed regardless of when cash is received. Expenses are familiar as incurred whether or not cash has been paid out. For example suppose a company performs services for a customer on account. Even though the company has received no cash the revenue is recorded at the time the company performs the service. Afterwards when the company receives the cash no revenue is recorded because the company has already recorded the revenue. In the accrual basis adjusting entries are needed to bring the accounts up to date for unrecorded economic activity that has taken place.
How to do worksheet?
Q. What do you mean by Management consulting ? Management consulting or advisory services before Sarbanes-Oxley management advisory services were the fastest growing service ar
illustrate business cycle with reference to a retail trader which does business on a cash basics
I just want part A and Part B including ppt slides to present.
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
I purchased equipment for 3,000 but only paid 1,000 of it and put rest of it on an account. how would I put that into a asset=liabilities+ owns equity equation?
Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is
2013, May 1st: 1 started in bnusiness with capital in cash of 1,800 and 4,200 in the bank. 2nd: Bought goods on credit from: j.Ward 600, P.Green 515
Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit
Scop of accounting
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