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Which accounting concept is used in each of the following accounting treatments?
a) A motor broke down in December 2007. the repair bill for it was not paid until 2008 yet it has been treated as a 2007 expense.
b) A customer saw a carpet in 2007 and said he might well buy it. he telephoned in 2008 and asked for the carpet to be delivered .the item was not treated as a sale in 2007 but was treated as a sale in 2008.
c) The final day of the financial year saw the passing of a law that would render trading in our sort of goods illegal, and the business will have to close. the accountant says that our stock figure cannot be shown at cost in the balance sheet.
d) We have been told that we cannot show our asset of motor cars at cost in one year and at cost plus the price increase the next year when the manufacturer increases prices of all cars, which also includes our unsold stock.
e) We have shown all items of machinery costing less than $100 as machinery operating expenses.
Company XYZ had the following information in their stockholder's equity section of the balance sheet during 2020:
1. Beginning inventory was $50,000. Purchases of inventory was $20,000. Ending inventory was 35% of beginning inventory at the end of the year.
Topic - RSS feed reader project using Java - What is your proposed research project's topic? What problem or issue is your research designed to solve
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UNV-504 Introduction to Graduate Studies in the College of Business Assignment - Three Pillars and Future Impact Paper, Grand Canyon University
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The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2013. Prepare a bank reconciliation for this company as of July 31, 2013. Prepare the journal entries necess..
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Czeslaw Corporation can purchase the patent from the outside firm and record the expenditure as an asset. What are the ethical issues involved
Innovation Cycles uses the FIFO inventory method. Innovation started March with 10 bicycles that cost $60 each. On March 16, Innovation bought 20 bicycles at $70 each. On March 31, Innovation sold 25 bicycles. Prepare Innovation’s perpetual inventory..
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