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Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
define accounting. Briefly explain its concepts
Amounts paid on June 30 for a 1-year insurance policy. Is this a pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b
trying to put the numbers into the correct asset t-account and not adding up
Funds Flow Analysis : This study is occasionally called as 'Statement of alter in Financial Position". Beneath this analysis, a declaration is prepared which give details the
Implication of applying accounting concept wrongly
Harry and Sally were divorced three years ago. In July of the current year, their son, Joe, broke his arm falling out of a tree. Joe lives with Sally and Sally claims him as a de
Woodie Limited issues $5 million in convertible bonds on 1 July 2012. They are issued at the fair value and pay an interest rate of 4 percent. The interest is paid at the end of ea
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