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Q. Explain about Accrued assets?
Accrued assets are assets such like interest receivable or accounts receivable that haven't been recorded by the end of an accounting period. These assets represent privileges to receive future payments that aren't due at the balance sheet date. To show an accurate picture of the affairs of the business on the balance sheet firms recognize these privileges at the end of an accounting period by preparing an adjusting entry to correct the account balance. To point out the dual nature of these adjustments they record related revenue in addition to the asset. We as well call these adjustments accrued revenues because the revenues must be recorded.
The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 First number are 2012 2012 then 2011
Financial statements Summaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an accounting period. Accounting per
Why it is important for independent auditor to be a member of a professional body?
Explain the meaning of Payroll Deductions There are numerous deductions taken from an employee's earnings. These are deducted by employer before employee receives a check. D
Determining the physical quantity that should be contained in inventory normally is a simple matter because that amount have of items in the possession of the company. The cost of
Some the other concepts, as for example: the Matching concept, the Dual Aspect concept and the Realization concept are discussed in further sections, and as they have not been take
Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare
Q. Explain about statement of cash flows? Retained earnings usually consist of the accumulated net income of the corporation minus dividends distributed to stockholders. We exa
Explain Discounts allowed.
Materiality Concept: There are several events in business that are trivial or insignificant in nature. The cost of reporting and recording such events will not be justified th
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