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Q. Show Timing of expense recognition?
The timing of expense recognition The matching principle entail that a relationship exists between expenses and revenues. For definite expenses such as costs of acquiring or producing the products sold you can easily see this relationship. But when a direct relationship can't be seen we charge the costs of assets with limited lives to expense in the periods benefited on a systematic and rational allocation basis. Depreciation of a plant asset is an illustration.
Q. Describe the Cost of sales? Cost of sales, cost of goods sold -- expense or cost of all items sold during an accountingperiod. Every unit sold has a cost of sales or cost of
What are the golden rule of accounting how to pass journal entry when strating bussines what
Antidilution of Ownership The right of an investor is to continue the same percentage ownership of an organizations main stock in the event that the organization issues more s
Q. What is Current liabilities? Current liabilities are debts due inside one year or one operating cycle whichever is longer. The payment of current liabilities usually require
test 1
the guinegog is a trader in portable cd-man. His budgeted output is 5000 units per quarter. The following data was available for the year 1998: Direct labour @ $6 Direct material @
Oligopoly is a market where the supply is controlled by a little group of companies. In this condition, the actions of single company will have a material effect on the entire mark
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
a 50 petty cash fund has cash of 20 and valid receipts for 40. The entry to replenish the fund would include a
stpes to be taken prepaing for final accounts
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