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Accounts are prepared according to accounting concepts, principles and conventions. As final accounts are prepared on accrual basis, this becomes essential to subtract all those expenses that are basically paid during the current financial year though applicable to the other accounting periods. And to add all those expenses, that benefit the current accounting period either the payment was form or not. As same in case of earnings, subtract all such revenue items, obtained in the current accounting period but appropriate to the other accounting period s. Add all those revenue items, that have been earned currently but not even been received. The over stated corrections in the final account are termed as Adjustments that are made with the help of adjusting entries. Adjustments make sure a proper matching of costs and revenue for obtaining correct loss or profit for the specified accounting period.
Slick Corporation is a small producer of synthetic motor oil. During May, the company produced 5,000 cases of lubricant. Each case contains twelve quarts of synthetic oil. To achie
The owner of the Hughes Car Wash believes that the relationship between the number of cars washed and the amount of labor employed is Q = 0.8 + 4.5 L - 0.3 L2 where Q = the num
Marginal Cost Marginal cost is the change in a firm's cost of production. It is related to a unit change in its output, or the added cost of producing the next unit. The margin
A company produces three types of items. A single machine is used to produce the three items on a cyclical basis. The company has the policy that every item is produced once during
You are provided with the subsequent information relating to Cello Ltd. The accountant is currently preparing the budget for the next three months ending 30 June 2010.
explain the various classes of costs
When firms enter into loan agreements with their bank it is very common for the agreement to have a restriction on the minimum current ratio the firm has to maintain. So, it is imp
Corporation has determined the contribution margin ratio is 35% and the income tax rate is 40%. Required: A) Assume break-even volume in dollars is $1,500,000. What are total fixed
A plant is considering the replacement of a piece of equipment in its materials handling system with a new piece. If the company's cost of capital is 10%. Should the present asset
9. When in the management process do managers seek an answer to the question "Did we meet our cost-reduction goals for non-value-adding activities?" a. Planning b. Performing c. Ev
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