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Q. Explain about Accounting period?
As those interested in the activities of business need timely information companies must prepare financial statements periodically. To organize such statements the accountant divides an entity's life into time periods. These time periods are habitually equal in length and are called accounting periods. An accounting period may be one month or one quarter and one year. An accounting year or a fiscal year is an accounting period of one year. A fiscal year is a few 12 consecutive months. The fiscal year may perhaps or may perhaps not coincide with the calendar year which ends on December 31. As we illustrate in Exhibit 15, 63 percent of the companies examined in 2004 had fiscal years that coincide with the calendar year. In 2008 the similar figure for publicly-traded companies in the US was 65 percent. Companies in certain industries habitually have a fiscal year that differs from the calendar year. For instance many retail stores end their fiscal year on January 31 to avoid closing their books during their peak sales period. Other companies choose a fiscal year ending at a time when inventories and business activity are lowest.
debit balance
Q. What is Net realizable value? Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of a
Q. What is Income Summary account? The Income Summary account is a clearing account used merely at the end of an accounting period to summarize revenues and expenses for the pe
Q. Show Effects of transaction? A prepaid insurance, asset, increases (debited) and cash, decreases (credited), asset by USD 2400. The debit is to Prepaid Insurance relatively
Astra Company sells financial calculators and offers instruction on their use. During its first year it expects to sell 3000 calculators at $30 each and offer 5000 hours of instruc
basic methods for calculating depreciation
owner invested 80000 cash and 2000 office equpmeent in to the business bank account
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
How can price inflation effect a university negatively in the future? Like, what are a few things in the university that will be impacted?
Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed. ? Enter the J
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