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Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat
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Q. What is matching principle? Expense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle. The matching principle sta
Explain the term - Overtime Pay This means a minimum of one and one-half times the regular rate of pay for all hours worked over 40 during the week. (Time and a half) A numbe
Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays
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Q. What are Service companies? Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early sectio
Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
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