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Q. Example of Unearned service fees?
Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm enters the following journal entry
The two T-accounts recitation to training fees are Unearned Service Fees a liability and Service Revenue. These accounts shows as follows on 2010 December 31 before adjustment
The balance in the Unearned Service Fees liability account set up when Micro Train received the cash will be converted into revenue as the company performs the training services. Previous to Micro Train prepares its financial statements it must make an adjusting entry to transfer the amount of the services performed by the company from a liability account to a revenue account.
An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.
Why is a provision for depreciation made in the financial statements? A to charge the cost of non-current assets against profits B to make a provision for repairs C to mak
Which of the following is NOT one of the key requirements for auditor independence? A. Auditors must disclose all other written communications between management and themselv
It dates from the development of huge scale business and the advent of Joint Stock Company as a form of business that enables the public to participate in giving capital in return
WHAT IS ACCOUNTING
Q. Example of horizontal analysis? Several companies have been restructuring their organizations and reducing the number of employees to cut expenses. AT&T, General Motors, IBM
The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t
Question 1: What are the kinds of inventory? Transaction inventory Speculative inventory Precautionary inventory Question 2: Explain in brief the invent
Q. Learning objectives of trial balance? - The cash basis of accounting know revenues when cash is received and recognizes expenses when cash is paid out. - The accrual basi
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