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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.
my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
Q. Explain Periodicity assumption of accounting? As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its econ
Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
got 1 question for accounting for business its a 25 min question? can you help in this?
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