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Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corporation uses the nearest full month assumption to calculate depreciation). The following occurred in 2015:A. June 30, 2015 - Machinery with a cost of $720,000 and accumulated depreciation through January 1 of $540,000 was exchanged with $450,000 cash for a parcel of land with a fair value of $690,000. The exchange had commercial substance.
Prepare the journal entries to record depreciation on the old machinery and the non-monetary exchange on June 30, 2015
Link between Financial and Cost Books The link among the two sets of books is achieved via operating a cost ledger control account and a financial ledger control account. Cos
Dividends ................ Non-operating losses not passed through P and L A/c
Three oligopolists, A, B and C, produce an identical product, Q. Q is produced under conditions of constant costs, that is, AC = MC = $100. The market demand schedule for Q is:
behabioural aspect of standard costing on budget
Where the liabilities are identified but the amounts cannot be precisely found, we estimate the liability and give for it as a liability. A common illustration is income tax payabl
Visual Fit Method of Cost Estimation Cost estimation is based on past data regarding the dependent variable and the cost driver. The previous data on cost levels and the outpu
creating a decision treeplan.
Purposes of standard cost accounting connection - suppose you were a management consultant and the client asked you the advantages and disadvantages of using standard costs and cos
Relationship between Cost Accounting and Business Enterprise Cost accounting, like will be mentioned later to adopts a cost center approach to accounting for costs. A cost cen
Co-ownership incentive scheme or Profit Sharing Schemes The organization permits for ownership whereby the employees are permitted to own a percentage of the shares in the fir
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