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Q. Define the Product costs?
Product costs are costs earns in the acquisition or manufacture of goods. Since you will see in the next section included as product costs for purchased goods are freight, invoice and insurance-intransit costs. For manufacturing companies product costs comprise all costs of labour, materials and factory operations necessary to produce the goods. Product costs put together to the goods purchased or produced and remain in inventory accounts as long as the goods are on hand. We allege product costs to expense when the goods are sold. The result is a accurate matching of cost of goods sold expense to its related revenue.
Q. What do you mean by single proprietorship? A single proprietorship is a non incorporated business owned by an individual and often managed by that same person. Single propri
Q. Explain business entity concept? Suppose for instance that you own two businesses 1) a physical fitness centre and 2) a horse stable. As per to the business entity concept y
They are likely to tests for tact, diplomacy, and with descriptive skills.
stpes to be taken prepaing for final accounts
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
Q. Illustrate lower-of-cost-or-market method? Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around th
Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r
Q. Explain about stable dollar assumption? In the United States accountants make one more assumption regarding money measurement that the stable dollar assumption. Under the st
even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?
The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner's equity?
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