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
First In First Out or FIFO Method - Work in Progress This method considers merely those costs incurred throughout the recent period.  Equivalent units are calculated given a


Chrome-It, Inc., manufactures special chromed parts made to the order and specifications of the customer.  It has two production departments, stamping and plating, and two service

One item a computer store sells is supplied by a vendor who handles only that item. Demand for that item recently changed, and the store manager must determine when to replenish it

This task involves the recording of non-current asset information in the general (nominal, main) ledger and other non-current asset matters. You are assisting in preparing the a

Q. Show the Break-even charts? Refers graphically profit and losses at different levels of sales volume achieved. When sales revenue is greater than total cost it m

Assume that $140,000 of Denham Springs school dostrict 8% bonds are sold on the bond issue date for $128,598 interest is payable semiannually, and the bonds mature in 15 years. The

Advantages and Disadvantages of Group Bonus Plan Benefits associated along with group bonus schemes involve i. It encourages teamwork and cooperation among workers ii.

Determine the Incremental Cost A company currently makes a component that has the given unit cost structure Direct Material Shs. 100

Labour Variances From our basic data, we can calculate the labour variances as given as: i. Labour Rate Variance = (AH x AR) - (AH  x SR)