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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.
The follow data relates to year 20XX for Plano Manufacturing Company: Units produced - 2,000 Units sold - 1,800 Selling price - $200 / per unit Direct material costs - $80,000 Dire
EFFECTIVENESS AUDITING is one type of internal audit. Describe and evaluate this type of internal audit. What types of organisation would it be most useful for? Required: 1)
when one firm purchase other and take over its all assets.balance sheet of absorbed firm shows goodwill,should we goodwill as well?
how does cost accounting differ from management accounting
Rediger Inc. a manufacturing company, has provided the following data for the month of June. The balance in the Work in Process inventory account was $22,000 at the beginning of th
Limitations of abc analysis
Does it make sense for PP's management to use so many discount rates in its evaluation? Explain. What additional information would you like to have to make a more informed decis
You perform a travel cost study that looks at the relationship between the cost of visiting a lake (including costs of travel, value of time spent not working & any entry fees), it
Logan Corporation issued $800,000 of 8% bonds on October 1, 2006, due on October 1, 2011. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to y
What is labor costing,what are the problems involved in labor costing
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