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Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense
ABC Company uses cash basis accounting for its records. During 2010, ABC collected $400,000 from its customers, made payments of $300,000 to its suppliers for inventory, and paid
Q. What is Date column in journal? The first column on every journal page is for the date. Intended for the first journal entry on a page this column contains the year and mont
State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat
Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
Q. Illustrate Periodic inventory procedure? Companies by means of periodic inventory procedure make no entries to the Merchandise Inventory account nor do they maintain unit re
Why to and by using in journal, trading a/c, p&l a/c and ledger?
journal entries and how to calculate entries 1. Braves estimates bad debt expense at 2% of net sales 2. At 12/31/11, 6 months of rent remains on the storage facility Braves lease
Accounting concepts are used in relation to accounting procedures for a specific business enterprise. Some of these are: Going concern Verifiable
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