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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.
Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 40
the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6
Q. Specific identification method of inventory? Specific identification- The specific identification method of inventory costing put together the actual cost to an identifiable
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
diagram .
Treasurer: He is the custodian arid manager of each cash and near-cash resources of the firm. The treasurer arranges credit reviews and sets policy for collecting receivables as d
Explain the Recording employer's payroll taxes Debited to an expense account-Payroll Tax Expense. Credited to individual Tax Payable accounts These amounts are then sent
Q. Explain Merchandise in transit? Merchandise in transit is merchandise in the hands of a shipment company on the date of a physical inventory. As stated above buyers should
The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r
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