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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.
Billable expenses are those expenses incurred by you on behalf of your client in performing duties / supply and service. These expenses are recoverable from your customer by way of
The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding is Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Wh
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 expenditu
Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
In recent years, there has been a lot of media coverage about the funding status of pension plans for state employees. In many states, the amount of money invested in employee pens
what are the basic theory of accounting
Q. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
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