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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.
is money deposited to the municipality for electricity current assets
AsCompare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.k question #Minimum 100 words accepted#
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and present price at par - Preferred shares: $2,000
Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si
Q. Explain about pegboard system? One more innovation in manual systems was the one write or pegboard system. Beside creating one document and aligning other records under it o
Question 1 Write a short note on the following with example a. Activating budgets b. Reversing journals c. Memorandum vouchers d. Optional vouchers e. Creating Bill of Materials
what is accounting equation and introduction
Profitability refers to a company's ability to obtain profits and positive cash flows and to its ability to obtain an adequate return on invested capital or a company's ability to
is accounting is an art or science
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
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