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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 period. The matching principle is one of the fundamental principles of accounting. This matching of revenues and expenses is necessary for the income statement to present an accurate picture of the profitability of a business. Adjusting entries replicate unrecorded economic activity that has taken place but has not yet been recorded. Why has the company not documented this activity by the end of the period? One reason is that it is more economical and convenient to wait until the end of the period to record the activity. A second reason is that refusal source document concerning that activity has yet come to the accountant's attention.
Q. What do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
Q. Advantage of a pre-inventory sale? Have you still taken advantage of a pre-inventory sale at your favourite retail store Many stores offer bargain prices to decrease the mer
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
COMMON ADJUSTMENTS AFFECTING THE PREPARATION OF BALANCE SHEET ARE: 1. Closing stock : Closing stock come into view on the credit side of trading account and assets side of
Q. Describe about Assets? Assets are things of worth owned by the business. They are as well called the resources of the business. Illustration includes machines, cash and buil
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of
Management accountants may or mayn't be CPAs. If a management accountant passes an examination prepared and graded by the Institute of Certified Management Accountants (ICMA) and m
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