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Illustrate about the matching principle
This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be accurate, it must be a result of subtracting expenses of a period from the revenue of the same period.
Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,
define accounting. Explain the accounting concepts which guide the accountant at the recording stage.
Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,
In June 2011,Kelly purchased new equipment for $26000 to be used in her business.Assuming Kelly has net income from her business of $75000 prior to the deduction,what is the maximu
Carrying amounts of merchandise materials as well as supplies inventories are generally determined on a moving average cost basis and are stated at the lower of cost or market.
Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou
Which of the following transactions does not involve an exchange of value? a. Payment of a debt b. Purchase of a building on credit c. Borrowing money d. Loss from theft
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Internal Auditor: Internal Auditor is a worker of the organization in contrast to an external auditor who is paid a fee for his employment. The internal auditor is responsible for
Different Methods Of depreciation Diminishing Value Method Straight Line Method Annuity Method Depletion Method Written Down value Method
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