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Q. Explain about cost principle?
As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initially recorded at historical cost. Historical cost is the amount paid or else the fair market value of the liability incurred or other resources surrendered to acquire an asset and place it in a condition and position for its intended use. For example when the cost of a plant asset (such as a machine) is recorded its cost includes the net purchase price plus any costs of testing, reconditioning, transporting and placing the asset in the location for its intended use.
Q. Uses of journal in accounting? Organizing journal entries in a computerized system is different than in a manual system. The computer usually asks for the number of the acco
Q. Learning objectives of inventory turnover ratio? - Net income for an accounting period depends straight on the valuation of ending inventory. - If the ending inventory is
If Alisha Maintenance manufacturing has: total maintenance cost of $2,785,000 total fixed maintenance cost of $310,000 total variable maintenance cost of $2,475,000 total m
Glaser Services obtained 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels stated and paid $0.50 per shar
A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price? A. $476 B. $595 C. $612 D. $644
Q. What is the use of balance sheet? Balance sheet -- a statement of the financial position of a company at a single specific time(often at the close of business on last day
We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as
At the end of the current year, $19,900 of fees have been earned but not billed to clients. • a. What is the adjustment to record the accrued fees? Indicate each account affecte
Could the choice of recording a capital asset impairment or not, impact the financial statements significantly? Explain.
When a not-for-profit facility receives a contribution from a member of the community, the cost of the capital is inconsequential when deciding how to use the contribution, becau
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