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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).
You have been assigned to analyze the costs of NC Microelectronics, a microchip manufacturer. Indicate whether the following costs are more likely fixed (F), variable (V), or mixed
Comprehensive Problem in Trial Balance Cash $ 26,470 A/R 14,222 Office Supplies 4,298 Prepaid Insurance 23,137 Equipment 131,495 A/D - Equipment $19,096 Accounts P
define accounting. Explain the accounting concepts which guide the accountant at the recording stage.
on 1st july,2008,machinery purchased rs10,000 for cash from bhim.give journal entry and prepare ledger accounts.
In accounting we create a distinction between business and the owner. All the records are maintained from the viewpoint of the business, quite than from that of the owner. An enter
exploration costs for mining companies are assts
How are gains from the sale of § 1244 stock treated? Gains on the sale of § 1244 stock is treated as
Q. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third
Q. What do you understand by Goodwill? Goodwill -- in accounting, difference between what a company pay when it buys theassets of another company and book value of those assets
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