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Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
Q. What is Managerial accounting information? A Managerial accounting information is for internal use and provides special information for the managers of a company. The inform
An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or Fals
Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
Q. Describe about Net sales? Sales -- amounts received or due for services or goods sold to customers. Gross sales aretotal sales before any returns or adjustments. Net sales a
Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit
dividend received rs 100was posted to debit to dividend account. the rectification entry n will be what?
Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by
Q. What is FOB destination? FOB destination signifies free on board at destination. The seller ships the goods to their destination with no charge to the buyer. Therefore the s
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to every other must
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