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Q. What do you mean by Contingent liabilities?
Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a company is being sued, it has a contingent liability which will become areal liability if company loses the suit.
Q. Inventories and revenue recognition? Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determi
An accounting perspective Business insight Accounting is essential for all three types of business organizations and every company must follow generally accepted accounting pri
Purchased trucks and office equipment for cash Metro paid USD 20000 cash on behalf of two used delivery trucks and USD 1500 for office equipment. Office equipment and Trucks ar
#question.outline basic elements to keep in mind while preparing an income statement?
#question.prepare the required adjusting entry for September 30, 2009
Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction
entry for bad debts provision
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
explain accounting standard 14
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