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Q. Describe about Expense?
Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditures aren't expenses. Forinstance, a company buys a truck. It trades one asset - cash - to attain another asset. Anexpenditure has taken place however no expense is recorded. Only as the truck is depreciated will anexpense be recorded. The notion of expense as different from an expenditure is one reasonfinancial reports don't show numbers which represent spendable cash. Distinctionbetween an expense and an expenditure is significant in understanding how accountingworks and what financial reports mean. (To expense is a verb. It means to charge anexpenditure against income when expenditure occurs. Opposite is to capitalize.)
Wyatt and Truett formed a partnership investing $330,000 and $110,000 respectively. Determine their participation in the year''s net income of $420,000 under the following assumpti
problems and solutions
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
Q. Explain about Trial balance? Trial balance -- at the close of an accounting period, transactions posted in the ledger areadded up. A trial or test balance sheet is prepared
Q. What is Owners invested cash? When Metro Courier Inc was structured as a corporation on 2010 June 1 the company issued shares of capital stock for USD 30000 cash to Ron Chan
The type of accounting concerned with providing information and analyses to managers within the organization is referred to as
the scope of operation research in modern management
Exercise 5-3 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 Santa Fe Company purchased merchandise for resale from Mesa Company with an invo
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