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Q. Define Expenses in terms of accounting?
Expenses are outflows or else other using up of assets or incurrence of liabilities (or a combination of both) from rendering services, delivering or producing goods or carrying out other activities that constitute the entity's ongoing major or central operations.
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Q. What do you mean by Capitalize? Capitalize -- to capitalize means to record an expenditure on balance sheet as an asset,to be amortized over the future. Opposite is to expen
Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued reven
Q. Departures from cost basis of inventory measurement? In general companies must use historical cost to value inventories and cost of goods sold. But some circumstances justif
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
Q. Ledger accounts in An accounting perspective? The idea of the Internet dates to the 1960s when the military tied together several computers forming a network that allowed us
A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec
find cost of goods sold
A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250. Results illustrate actual hours of 10 980 and overhead of $276 652.
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
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