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Expenses are usually recorded only while they are paid. The failure to record unpaid expenses in the accounts outcomes in an understatement of which expense and also an understatement of a liability. So as to avoid understatement of these expenses and liabilities, an adjustment entry is passed through debiting the expense account and crediting the personal account of the party to that amount is to be paid. If outstanding expenses show on the credit side of the trial balance after that they will be considered to the liability side of the balance sheet.
At the beginning of 2010, Mirror Corporation, had undepreciated capital cost (UCC) of $1,575,000 in asset Class 38 with a CCA rate of 30%. On April 15, 2010, Mirror sold an asset t
DEFINATION
Profit Analysis and Cost Volume or CVP Analysis CVP Analysis checks the relationship between profit, activity level and the cost. CVP Analysis assists in a broad range of p
Absorption Costing The process described in this section by that net overheads are absorbed into production naturally enough is identified as absorption costing. The absorpti
Superior Door Company sells pre-hung doors to home builders. The doors are sold for $60 each. Variable costs are $42 per door and fixed costs total $450,000 per year. The company i
Igor and Angela were married in 2005, separated in 2011, and divorced recently. At the time of marriage, each had some investments and personal assets. They both worked during the
King Airlines King Airlines is one of many low-cost airlines in Europe. The managers want to expand the business and have an opportunity to purchase a second-hand plane to op
F ixed Overhead Variance (FOV) Fixed overhead variance has been described by ICMA, London, as 'the variation between the standard cost of fixed overhead absorbed in the pro
Inventory Management and Control Here the objectives of inventory management are as: 1. To ensure adequate stocks to permit for continuous production/operations, and
Does it make sense for PP's management to use so many discount rates in its evaluation? Explain. What additional information would you like to have to make a more informed decis
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