Income received in advance, Cost Accounting

This is the income received but not earned throughout the accounting period. Conversely, this is the income for those services are to be rendered in future. Such income is deducted from the related income in the credit side of loss and profit account and is also demonstrated as a liability in the balance sheet.

To notice the impact of adjustment entries' on the last account as financial condition of the business firm let's take the similar illustration of Ms. Naina again only comprising the some common adjustments in this. And here we check its impact practically through comparing the transactions of both the examples along with or without adjustment entries.

Posted Date: 4/4/2013 1:58:32 AM | Location : United States







Related Discussions:- Income received in advance, Assignment Help, Ask Question on Income received in advance, Get Answer, Expert's Help, Income received in advance Discussions

Write discussion on Income received in advance
Your posts are moderated
Related Questions
Presented here is the basic financial information from the 2009 annual reports of Intel and Advanced Micro Devces (AMD), the two primary manufacturers of silicon chips for personal

The text states that four conditions are necessary for the existence of a perfectly competitive market. Discuss in your own words each one. a)   Numerous participants: Roughly

Advertising expense $17,200 Wages expense-assemblers 36,840 Depreciation expense-machines 21,480 Utilities expense-factory 21,120 Wages expense-lathe operators 23,480 Repair expens

If the net income under marginal costing is #100,000, calculate absorption costing, if opening and closing inventories are #20,000 and #15,000

Example of High - Low Method of Cost Estimation Based on the performance, such you have been provided along with the given information regarding ABC Ltd for the year ended on

Incremental Costs as Relevant Costs An incremental cost is specifically incurred with the following a course of action and ignorable if such action is not implemented. It cont

The question required consideration of both the monetary performance and the financial position, from the perception of a potential lender. As with previous questions, candidates w

If a company trades in a building towards a new building and does not recognize a gain or loss (because of code section 1031), will this transaction affect the cash flows statement

You are the CFO of a Hospital. Suppose that your projected average daily reimbursement is $100, 000 and your average collection day is 40 days. What is your hospital's annual cost

The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below.  On April 1, 2010, the