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Q. What do you mean by note?
A note is an unqualified written promise to pay another party the amount owed either when demanded or at a certain specified date habitually with interest a charge made for use of the money at a specified rate. A note receivable become visible on the balance sheet of the company to which the note is given. A note receivable occurs when a company makes a sale and receives a note from the customer when a customer gives a note for an amount due on an account receivable or when a company loans money and receives a note in return. Section 9 discusses notes at length. Other current assets might comprise interest receivable and prepaid expenses. Interest receivable arises when a company has earned however not collected interest by the balance sheet date. Typically the amount isn't due until later. Prepaid expenses comprise insurance, rent and supplies that have been paid for but all the benefits have not yet been realized (or consumed) from these expenses. If prepaid expenses hadn't been paid for in advance they would require the future disbursement of cash. Additionally prepaid expenses are considered assets because they have service potential.
Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.
Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
On January 1, 2012, the organizers of the Parsons Corporation contained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation
Explain the term - Overtime Pay This means a minimum of one and one-half times the regular rate of pay for all hours worked over 40 during the week. (Time and a half) A numbe
General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i
Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by
What are examples of deferred revenue expenditure? Ans) It is an expenditure the advantage of which will be realized over a period and not during the present period. Ex-Heavy Ad
CALCULATIONS VARIOUS QUESTIONS
What is differences in access to financial information Distinction between the two areas of accounting reflects, to some extent, differences in access to financial information.
1. For each of the following accounting assumptions/principles, explain a business transaction: (a) Accounting Entity Assumption (b) Going Concern Assumption (c) Matching Prin
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