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Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset). 116117 • 2. A three-year premium paid on a fire insurance policy. • 3. Fees received but not yet earned. • 4. Fees earned but not yet received. • 5. Utilities owed but not yet paid. • 6. Supplies on hand. • 7. Salary owed but not yet paid. • 8. Taxes owed but payable in the following period.
Define Accounting. Briefly explain the accounting concept which guide the accounting at the recording stage?
decrease in assat & decrease in capital
It is reduction of taxes where from the income is produces and regarding services to be taxed there are about 120 services which are taxed in India for provision of service tax
Why it is important for independent auditor to be a member of a professional body?
1. My accountant has told me that my business made a profit of £100,000 last year. However over the same time period my bank balance has decreased and not increased as I expected.
Implication of applying accounting concept wrongly
Q. Responsibility of Leader and expert? As a partner in the firm Tracy will have numerous broad responsibilities. She will engage in business development, high-level client ser
budgeting?
Provide an argument for including or not including current liabilities in the cost of capital calculation
Q. Inventories and revenue recognition? Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determi
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