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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.
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
Q. What are Service companies? Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early sectio
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $
Ordering inventory at a regular and set time interval
uses of accounting as a software enginner
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Annual interest of 5% paid if balance exceeds 800, $7 monthly fee if account falls below minimum balance, average monthly balance $1,160, account falls below $800 during 5 months
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
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