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Q. Specific identification method of inventory? Specific identification- The specific identification method of inventory costing put together the actual cost to an identifiable
An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liabil
Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
Some the other concepts, as for example: the Matching concept, the Dual Aspect concept and the Realization concept are discussed in further sections, and as they have not been take
An accounting is a service function. The main accounting executive through whatever name he is termed as holds a staff position except inside his own department where he exerts aut
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
A company uses 85 circuit boards a day in a manufacturing process. The person who orders the boards follows this rule: Order when the amount on hand drops to 625 boards. Orders are
Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert
started in business with cash 16,000
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