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JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay
During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of
Inventory Within a trading firm, inventory is merchandise held for sale to customers into the ordinary course of business. In condition of manufacturing firms, inventory would
Which ratio measures a business' average payment period? A. current ratio B. liquid ratio C. trade payables turnover D. trade receivables turnover
The first municipal bond insurance company was created in 1971 as a supplementary of MGIC Investment Corp. of Milwaukee; now usually called as Ambac Financial Group, Inc. The Ameri
You must be aware about the most of business are made through cheques these days. It involves the bank whether the firm has opened its own account. Thus when payment is made by che
These comprise goods purchased only for production and selling purposes. Goods utilized as assets and not for sale are not comprised in this head. Net purchase is the dissimilarity
International Accounting Standard Committee ( I. A. S.C. ) Defines inventories as Tangible property) a. Held for sale in the ordinary course of business. b. In the proces
These are assets or things of value without physical dimensions. They cannot be touched; they representing intrinsic value without material being and they are incorporeal. One of t
DOES THE ADOPTION OF IFRS BY DIFFERENT COUNTRIES NECESSARILY MEAN ACCOUNTING PROCEDURES AND PRACTICES THEY ADOPT WILL BE CONSISTENT AND COMPARABLE INTERNATIONALLY
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