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Q. Explain Interest revenue?
Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accounting period. Therefore the accounting records normally don't show the interest revenue earned but not yet received which affects the total assets owned by the investor unless the company makes an adjusting entry. The regulate entry at the end of the accounting period debits a receivable account an asset and credits a revenue account to record the interest earned and the asset owned.
Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liabil
Q. What is depreciable amount? The dissimilarity between assets's cost and its estimated residual value is an asset's depreciable amount. To persuade the matching principle the
Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
Q. Explain about revenue recognition principle? Under the revenue recognition principle revenues must be earned and realized before they are recognized (recorded). Earning of r
Q. Analyzing how well the company is performing? The classified income statement illustrates important relationships that help in analyzing how well the company is performing.
Explain in brief about the purchases account keeps a record of cost of merchandise purchased for resale during an accounting period. Assets are recorded as assets-not pu
What is the implication of applying accounting concepts wrongly?
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
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
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