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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 payable. Unless the tax liability is found the amount payable cannot be exactly determined. There could be other illustrations too, such as product warranty expenses to be met and rapidly. The common practice is to evaluate these liabilities depends on past experience and make a provision for the same that is demonstrated as a part of liabilities.
This time of year we all here about football. For me it is the bad news of how poorly the Buffalo Bills are performing. Hopefully your favorite team is doing well. One thing we
L I M I T A T I O NS OF STANDARD COSTING 1. It may be very difficult to fix standards for all operations. 2. Incorrect standards may result in wastage of mo
Go the Hershey website to learn how to make Hershey chocolate. (There is also a "print friendly" version of the chocolate making process at the end of the video.) Review the proces
An investment alternative in a project requires a capital cost of $102 millions completed at time zero. The investment will produce a stream of revenue of $50 millions per year ove
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The next year's budget for Benny, Inc., is given below: Product 1-2 Sales $945,000-688500 Variable costs 459,900-297,000 Fixed costs 300,000-3
Amanda Deal, president of XYZ, had recently finished an arduous round of meetings with her financial staff". Those meetings dealt with the details necessary to produce an accurate
Q. What is the amount of compensation expense recognized for stock options for each year of the vesting period, given the following information? A firm awards stock options at-
Role of Cost Accounting in Organization Like part of their jobs, such cost accountants interpret results, and then report them to management and give analysis such assist deci
What are the five accounts used in adjusting entry for periodic inventory at the end of the year?
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