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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.
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
Terry Dorsey started Dorsey Hardware a tiny hardware store two years ago and has struggled to make it successful. The first year of operations effected in a substantial loss in the
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts? a. Increase supplies and accounts payable by $
What is the implication of applying accounting concepts wrongly?
Q. Concepts of accounting? - The major underlying assumptions or else concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) st
Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,
How can I capitalize my patents? My company has applying for a patent and I want to capitalize the research and development expenditures. I know it will cost some legal charges and
what are the options of setting up companies chart of account
Benefits of Purchases Discounts Purchases Discounts account is used to record discounts given for prompt payment. To prove ACCOUNTS PAYABLE LEDGER , you will look at bala
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