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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 consumed in a business, and thus its cost gradually becomes an expense. Depreciation of long-term assets and unpaid salaries.
The new adjustment for a merchandising business is Merchandise Inventory.
Cross indexing is made up
Q. Explain Weighted-average inventory? Weighted-average: Ensuing inventory is priced using a weighted-average unit cost. In perpetual inventory procedure a new weighted-average
Q. What is Operating revenues? Operating revenues are the revenues generated by the main activities of the business- generally the sale of products or services or both.
Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one
80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto
On october 5 2011 mara hotel collectedmthe amount of 180000 repreesenting advanced rental from a tenant who occupies space of the building. tHe advanced rental willcover the period
Q. What do you mean by Inventory turnover? Inventory turnover -- a ratio which indicates amount of inventory a company uses tosupport a given level of sales. Formula is: Invent
procedure followed in government system
Posting closing entries When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be
A portion of company profits allocated by an employer, in good years, to an employee's trust.Contributions on behalf of every employee are expressed as a percentage of salary with
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