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Q. Show Periodicity concept?
As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or years) to report the results of its economic activities.
Now that you know business transactions and the five basic accounting assumptions you are ready to follow some business transactions step by step. To start we divide Metro's transactions into two groups (a) transactions affecting only the balance sheet in June and (b) transactions affecting the income statement and the balance sheet in July. Note that we could as well classify these transactions as investing, operating or else financing activities as shown in the statement of cash flows.
Q. What is Comprehensive income and Revenues? Comprehensive income is the alter in equity of a business enterprise during a period from transactions and other events and circ
what is Prepaid expense ?
Federal income tax Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) emplo
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
what is the implication of applying accounting concepts wrongly
Q. Show Credit and debit rules for expense? The credit and debit rules for expense and Dividends accounts and for revenue accounts follow logically if you remember that expense
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca
which account rules
Goods purchased from ranu p5000
Q. Define the Product costs? Product costs are costs earns in the acquisition or manufacture of goods. Since you will see in the next section included as product costs for purc
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