Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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.
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
Q. Explain about Accrued liabilities? Accrued liabilities are liabilities not so far recorded at the end of an accounting period. They represent responsibility to make payments
Q. Example of Adjustments for deferred items? A real physical inventory a count of the supplies on hand at the end of the month showed only USD 900 of supplies on hand. Therefo
The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,0
illustrate business cycle with reference to a retail trader which does business on a cash basics
Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage
The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery Truck
Received $170,000 cash from Electronic Arts, Inc. for service revenue earned in January.
TYPES OF FINANCIAL ANALYSIS a) According to the material used, the study can be - i) External analysis : Where analysis is done by exterior interested parties and ii)
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd