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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.)
An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liabil
Using the data from the Dell Computer annual report determine how Dell calculated the four days' supply of raw materials. Do you think four days'supply is a valid
Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)
Controller: Controller another name for Chief Accountant is generally the head of the whole region of accounting, including internal audit. He is generally in charge of all types
Over the past two decades, the People's Republic of China has invested billions of RMB in domestic and international air travel capability. Today, almost every major city in China
how the minority interest will be calculated?
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were
Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely
Why it is important for independent auditor to be a member of a professional body?
Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
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