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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.
#quesDance fans switch away from dance music to R&B music AND the price of MP3 players decreases. tion..
Accounting for payroll Employer Taxes and Reports Everyone who works should have a social security number. All employers in this country who have at least one employee should h
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The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par -
Q. Explain about matching principle? The matching principle need that expenses incurred in producing revenues is deducted from the revenues they generated during the accounting
On January 1, 2012, Lexmark Company's Accounts receivable account had a debit balance of $10,000. During January, 2012, the company billed customers for services in the amount of
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
Q. Example on closing process? This problem engross using a work sheet for Green Hills Riding Stable Incorporated for the month ended 2010 July 31 and performing the closing pr
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