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Q. Explain about Prepaid insurance?
The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this entry the Prepaid Insurance account has a USD 2400 debit balance on 2010 December 1. The Insurance Expense account contains a zero balance on 2010 December 1 for the reason that no time has elapsed to use any of the policy's benefits.
By 2010 December 31 one month of the year enclosed by the policy has expired. Thus part of the service potential or benefit obtained from the asset has expired. The asset at this time provides less future services or benefits than when the company acquired it. We are acquainted with this reduction by treating the cost of the services received from the asset as an expense. For the Micro Train Company illustration the service received was one month of insurance coverage. Ever since the policy provides the same services for every month of its one-year life we assign an equal amount (USD 200) of cost to each month.
"Periodic Review" is the suitable method of controlling stock in hotel bar.
Q. LIFO under periodic inventory procedure? The LIFO (last-in, firstout) method of inventory costing presume that the costs of the most recent purchases are the first costs cha
Q. Example of Periodic inventory procedure? Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards n
Hi i just need the solution of case study.
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t
wat is assets and its types?
Treatment of Provision for Taxation and Proposed Dividend: As preparing the Funds Flow Analysis, the treatment of condition for Taxation and planned Dividend is very significa
Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
o depreciation on the building has been recorded in 2016. Depreciation on the building is based on Double-Declining Balance. It was purchased on 1/1/15 and has an estimated useful
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
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