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
preparation of costsheet



DEF Municipality uses a standard absorption costing system to control the cost of one of its services, namely the supply of water to its constituents. The fixed budget for the reti

Campground Inc. is considering the production and sale of propane lamps. Annual fixed costs associated with the project are expected to total $60,000. In addition, each lamp would

Limitations of CVP Analysis The make use of the basic CVP model is just only relevant to planning and decision-making in an activity range whether the basic cost and revenue b

The data set for the assignment is about breast cancer.  Some of these data have been changed for the purposes of this assignment so the results from the analysis of this file may

The controller for U.S. Route 66 Truck Parts is comparing traditional overhead allocationwith ABC. After studying both approaches, the controller prepared the following list of fea


a.    If you could pick a single source of cash for your business, what would it be? Why? b.    How can a business earn large profits but have a small balance in Retained Earnin