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Q. Explain about Period costs?
Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs.
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Criticisms against setting of Accounting Standards: 1. Setting of Standards may occasionally control the type of treatment of definite items. 2. They may generat
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A company has been depreciating its IT equipment over 5 (five )years, but now finds that it is becoming obsolete in 3 years. What does the consistency principle allow the comp
Q. What do you understand by Goodwill? Goodwill -- in accounting, difference between what a company pay when it buys theassets of another company and book value of those assets
Q. Misstatement of accounting information? The FASB describes materiality as the magnitude of an omission or misstatement of accounting information that in the light of surroun
Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The compa
Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
Q. Example of accumulated depreciation account? The accumulated depreciation account doesn't represent cash that is being set aside to change the worn out asset. The un-depreci
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