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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. 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 initiall
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
1) A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assu
1. State the equity equation. 2. Which account represents the beginning equity figure? 3. In which accounts are changes to equity recorded? 4. How do drawings affect the calculati
A supplier to the electric utility industry produces power generators. The Transportation costs are high. One market area includes the lower part of the Great Lakes region
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At the end of 2011 Samuda reported a balance in Account receivable of $620,000 and estimated that $12,400 of this account would likely be uncollectible. The allowance for doubtful
Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
Determine the additional cash a company could obtain from its working capital accounts if it can improve its average collection period by three days and inventory turnover by 0.5 t
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