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Expenses paid in previous of their use or consumption is termed as prepaid expenses. At the ending of the year, a portion of the payment keeps unconsumed and is treated like an asset, as its benefit is to be availed of in future. For pre-paid expense, the adjustment entry is made through debiting prepaid expense account and crediting expense account. If such item shows on the debit side of the trial balance, it will be demonstrated only on the assets side of the balance sheet. This will not show in Profit and Loss Account at all.
a machine is purchased on july 1 2009 for $181,500. It has an expected useful life of 11 years and no salvage value. After five years, the machine is sold for $98,000 cash. What is
Tlie subphylum is called Uniramia because of the presence of unbranched appendages. These animals have non-jointed mandibles, uubranched appendages without any palps. They have
Functional Classification of Costs Beneath this classification, costs are classified according to the function they execute in an organization. Costs can functionally be clas
who to prepare contract account
WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS
Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long-term investment for $900,000. During the year, Paxton Corporation reported net income of $300,
Valuation of Work In Progress The concept of Equivalent units It is a notional quantity of completed goods in the production process. This is a collection of work applic
explain the various classes of costs
3. Definitions of manufacturing concepts Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies us
Direct Labour Budget It represents the forecasts of indirect and direct labour requirements to meet the demands of the company throughout the budget period. Therefore the budg
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