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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.
Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
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WHAT IS ACCOUNTING STANDARDS
Corporations are subject to specific corporate tax rates different from those for individuals. True False
types of legancies
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Q. Explain about Percentage of completion method? The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To ca
Which of the following transactions does not involve an exchange of value? a. Payment of a debt b. Purchase of a building on credit c. Borrowing money d. Loss from theft
with help of illustrations,comment on final accounts
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