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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).
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
Find the balance at the end of 6 years of $5000 investment in an account with a nominal annual rate of interest of 2.5% compounded quarterly over the first two years and then gro
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
Graham maintains that formulation and implementation are phases in the strategic management process. Yolanda maintains that evaluation and estimation are also part of this proc
Goods returned to Karl 2000
Q. What do you mean by Equities? Assets were described earlier as the things of value owned by the business or the economic resources of the business. Equities are every claims
Cash Flow Analysis: As per the Institute of Cost and Works Accountants of India (AICWAI), a Cash Flow Statement is a declaration setting out the flow of cash under different
Determine the symbols of Net Sales for the Period - Cost of Goods Sold = Gross Profit - Operating Expenses + Other Income - Other Expenses =
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
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