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Question 1:
Briefly explain the following costs terms:
Best Resort Ltd grows pineapples. The budget for March 2010 is as follows:
Rs
Direct materials 12,000 Direct Labour 15,000
(i) Describe what is meant by the revaluation method of depreciation. Give two examples to illustrate your answer.
(ii) Give two limitations of this method of depreciation.
Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz
You have been asked to ready a bill for services. What information should be contained in the bill? Ans) Service Provider's Details (i.e) Organization name and address. Ser
how the minority interest will be calculated?
If a customer payment data was lost and needed to be reconstructed what are some of the ethical considerations the business owner would need to consider? This may include internal
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Explain about the payroll register This is a summary of gross earnings, deductions and net pay for all employees for a specific payroll period. Register illustrates all amounts
Give the statement classification of each income statement account
Q. Specific identification method of inventory? Specific identification- The specific identification method of inventory costing put together the actual cost to an identifiable
what is Prepaid expense ?
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