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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.
1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie
Q. Explain about delivery expense? When shipping goods FOB destination freight prepaid the seller is accountable for and pays the freight bill. For the reason that the seller c
on which shares pre acquisiton dividend received
Amounts paid on June 30 for a 1-year insurance policy. Is this a pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
Define FBT (Fringe Benefit Tax)? Ans) The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is likely to pay any FBT and may
determine how the disallowance of LIFO will impact U.S. multinational firms that report under IFRS
MS EXCEL.
Q. Explain about Prepaid insurance? The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this en
Below is the share price, taken annually over the last ten years, and a table of dividends paid over the last ten years, for each Bendigo and Adelaide Bank and Commonwealth Bank.
uses of accounting as a software enginner
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