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Q. Show Unearned revenues?
Unearned revenues- revenues received in advance consequence when a company receives payment for goods or services before earning the revenue such as payments for subscriptions to a magazine. These unearned revenues signify a liability to perform the agreed services or other contractual requirements or to return the assets received. Companies report any current instalment on long-term debt due within one year under current liabilities. The outstanding portion continues to be reported as a long-term liability.
what is accrued revenue
GENERAL
Q. Prepaid expenses and deferred charges? Prepaid expenses, deferred charges -- assets already paid for, which are being used up or willexpire. Insurance paid for in advance is
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Start in cell E3. Complete the series of substitution values ranging from 5 to 15 at increments of 1, vertically down column E.
Q. Detailed steps for completing the work sheet ? Accountants use these preliminary steps in preparing the work sheet. The following segments describe the detailed steps for com
Q. What is matching principle? Expense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle. The matching principle sta
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
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