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Q. Explain about Depreciation?
Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But the overall time involved in using up a depreciable asset such as a building is much longer and less definite than for prepaid expenses. As well a prepaid expense generally involves a fairly small amount of money. Depreciable assets but typically involve larger sums of money.
AP2-2
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Q. Describe about post-closing trial balance? A post-closing trial balance is trial balances taken subsequent to the closing entries have been posted. The only accounts that mu
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Difference between Debit and Credit Debit- used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period
meaning of accounts receivable
A patent costing $500,000 was purchased on July 1. The company expects the patent to be useful for 5 years. How much amortization expense is reconized on December 31?
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