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Q. What is matching principle?
Expense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle. The matching principle states that expenses must be recognized (recorded) as they are incurred to produce revenues. An expense is the outflow or else using up of assets in the generation of revenue. Firms voluntarily acquire expense to produce revenue. For illustration a television set delivered by a dealer to a customer in exchange for cash is an asset consumed to produce revenue its cost becomes an expense. Likewise the cost of services such as labour is voluntarily incurred to produce revenue.
Why is it important for accounting information to be accurate and timely?
#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3
Create an adjusted trial balance & journal entries Bank charges of $932.70 were not recorded in the books for 2014. These were credit card fees charged by the bank for Edwards
Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co
Q. Illustrate a sales cycle of company? When exploratory a company's management, sales cycle and users of financial data must be aware of any seasonal changes that may affect i
Q. What do you mean by unearned revenue? A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash
Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i
debit balance
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Accountants and others are able to access the home pages of companies to find their annual reports and other information home pages of CPA firms to find employment opportunities an
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