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Question 1:
Briefly explain the following costs terms:
Best Resort Ltd grows pineapples. The budget for March 2010 is as follows:
Rs
Direct materials 12,000 Direct Labour 15,000
(i) Describe what is meant by the revaluation method of depreciation. Give two examples to illustrate your answer.
(ii) Give two limitations of this method of depreciation.
Q. Measurement in financial statements? In December 1984 the FASB issued Statement of Financial Accounting Concepts No. 5 The Recognition and Measurement in Financial Statement
Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
Function and scope of the Accounting Standards Board: The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up su
what is the implication of applying accounting concepts wrongly
Q. Explain accrual basis of accounting? In certain circumstances companies may perhaps use the cash basis for income tax purposes. All through the text we use the accrual basis
Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698
most consrvatism way of lower cost method
Q. Explain business entity concept? Suppose for instance that you own two businesses 1) a physical fitness centre and 2) a horse stable. As per to the business entity concept y
definition
Honolulu Cookie Company provides the following information in order for you to prepare the company's bank reconciliation: Balance per company
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