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Q. Illustrate Exchange-price concept?
Exchange-price (or cost) concept (principle). The majority of the amounts in an accounting system are the objective money prices determined in the exchange process. Consequently we record most assets at their acquisition cost. Cost is the sacrifice made or else the resources given up measured in money terms to acquire some desired thing such as a new truck (asset).
how to develop a course project having to do with writing notes for a fictitious annual report
Benefites of Management accounting information To obtain this benefit, businesses have become more 'customer driven' (which is, concerned with satisfying customer needs). This
Taxes are affected by the level of economic activity: When output increases, tax revenues typically increase, when output falls, tax revenues fall. Suppose a balanced- budget amend
Woodie Limited issues $5 million in convertible bonds on 1 July 2012. They are issued at the fair value and pay an interest rate of 4 percent. The interest is paid at the end of ea
An inflated budgeted expense account
Q. What is periodic inventory procedure? In the periodic inventory procedure the Merchandise Inventory account is updated periodically subsequent to a physical count has been m
A)Guerrero Company occupied in the following events during 2012: 1. Began operations by issuing common stock to investors for $40,000 cash 2. Given services to customers on a
Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record
Corporations frequently invest in securities issued by other corporations. Some investments are acquired to secure a favorable business relationship with another company. On the ot
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