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Q. Describe Exceptions to the realization principle?
Exceptions to the realization principle: The following illustrations are instances when practical considerations may cause accountants to vary the point of revenue recognition from the time of sale. These examples show the effect that the business environment has on the development of accounting principles and standards.
The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization
Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
Q. Show Purchase Returns and Allowances account? Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may d
HOME Finance Company Limited made an after-tax profit of $3.172 million for the year ended June 30, 2008. Chairman James Datta said this was a milestone for the company, with a
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
what is meaning by parallel accounts
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course o
Q. Calculate the gross margin percentage? Calculate the gross margin percentage by using the following formula Grossmargin percentage = Grossmargin/Net sales To show th
the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later
When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?
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