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Q. Explain about Exchange-price or cost principle?
When resources are transferred between two parties such like buying merchandise on account the accountant must follow the exchange-price (or cost) principle in presenting that information. The exchange-price (or cost) principle requires an accountant to record transfers of resources at prices agreed on by the parties to the exchange at the time of exchange. This principle sets forth (a) what goes into the accounting system-transaction data (b) when it is recorded-at the time of exchange and (4) the amounts-exchange prices-at which liabilities, assets, stockholders' equity, revenues and expenses are recorded.
Q. What is Merchandise inventory? Merchandise inventory is the cost of goods on hand in addition to available for sale at any given time. To determine the cost of goods sold in
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Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
Liquidity Ratios (Short Term Solvency Ratios): These Ratios calculate the capability of the firm to meet its current obligations. They point out whether the firm has enough li
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What does a business owner do when the cash balance approaches zero and there are bills to be paid? (Hint: look at the financing activities of the Cash Flow Statement and then lo
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Q. What is Sales revenues? The sale of goods takes place between two parties. The seller of the merchandise transfers them to the buyer in exchange for cash or a promise to pay
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