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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 month's interest of USD 600 though the company hasn't received the interest. An entry must demonstrate the amount of interest earned by 2010 December 31 and the amount of the asset interest receivable the right to receive this interest the entry to record the accrual of revenue is
Micro Train enters the USD 600 debit balance in Interest Receivable as an asset in the 2010 December 31 balance sheet. This asset accumulates slowly with the passage of time. The USD 600 credit balance in the Interest Revenue is the interest earned during the month. Evoke that in recording revenue under accrual basis accounting it doesn't matter whether the company collects the actual cash during the year or not. It enters the interest revenue earned during the accounting period in the income statement.
Q. What is Accrued expenses? Accrued expenses, accruals -- an expense that has been incurred though not yet paid for.Salaries are a good instance. Employees earn or accrue salar
Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May a. Encik Farid
Describe in brief about the Wholesalers They buy goods in bulk from manufacturers and sell them to retailers, other schools, wholesalers and other non-profit institutions, and
Assume in Balance sheet Furniture is given @ rs.1200000. and an adjustment tells that half of the building is used for residential purpose... then what is treatment in accounts?
implication of applying aacounting concept wronly
Q. What do you mean by Risk management contracts? In the normal course of business the Company utilizes a variety of off-balance-sheet financial instruments to manage its expos
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1. From the following information, prepare a Balance Sheet showing the workings: 1. Working Capital ` 75,000 2. Reserves and Surplus ` 1,00,000 3. Bank Overdraft ` 60,000 4. Curren
Accounting Errors-Transaction Errors How would the following errors affect the account balances and the basic accounting equation, Assets = Liabilities + Owners' Equity? How do the
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
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