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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. Instalments basis of revenue recognition? When accumulating the selling price of goods sold in monthly or annual instalments and considerable doubt exists as to collectabili
Q. Explain about Classified income statement? An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divide
Assignment on Generally Accepted Accounting Principles
Q. What do you mean by Not-for-profit organizations? Not-for-profit organizations such like charities, fraternities, churches, and universities need accountants to record and a
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Explain any two concepts of accounting with examples
when discrepancies occured on financial documents,what consequences will arise?
The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic
Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti
Q. LIFO under periodic inventory procedure? The LIFO (last-in, firstout) method of inventory costing presume that the costs of the most recent purchases are the first costs cha
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