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Q. Economic substance of the transaction?
In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that is lawfully a lease may in fact be equivalent to a purchase. A company may perhaps have a three-year contract to lease (rent) an automobile at a stated monthly rental fee. At the end of the lease period the company obtain title to the auto after paying a nominal sum. The economic substance of this transaction is a purchase somewhat than a lease of the auto. Therefore under the substance-over-form concept the auto is an asset on the balance sheet and is depreciated instead of showing rent expense on the income statement. Accountants record a transaction's economic substance somewhat than its legal form.
Assume that the following are independent situations recently reported in the Wall Street Journal. 1. National Electric 8% bonds, maturing January 28, 2013, were issued at 112.16.
Adjusting entries in the general journal Be sure to put down the words "Adjusting Entries" at the beginning of journal after the last entry of month. By placing these words at
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Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
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Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to
Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider
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