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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 Operating revenues? Operating revenues are the revenues generated by the main activities of the business- generally the sale of products or services or both.
The major difference in the statement of retained earnings between a service business and a Merchandising business is A. that the retained earnings statement of a merchandisi
If the amount in supplies expense is the january 31 adjusting entry and $650 of supplies waw purchased in january what was the balance in supplies on january 1
Why to and by using in journal, trading a/c, p&l a/c and ledger?
At the reception it is decrypted and actual data is obtained. Explain the different methods of encryption technique
on 1 april,2007,X Ltd. makes an issu of 10,00,000 equity shares of rs.10 each payable as follows: on application-rs.3;allotment-rs.5;on first call rs.2(3 month after allotment). ap
Q. Describe the accounting procedures? The demand for college professors differ greatly by discipline. In fields such like Fine Arts, English, Philosophy and Psychology there i
Q. Explain about stable dollar assumption? In the United States accountants make one more assumption regarding money measurement that the stable dollar assumption. Under the st
at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is
Whats the use of accounting in our everyday life?
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