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Q. What do you mean by note?
A note is an unqualified written promise to pay another party the amount owed either when demanded or at a certain specified date habitually with interest a charge made for use of the money at a specified rate. A note receivable become visible on the balance sheet of the company to which the note is given. A note receivable occurs when a company makes a sale and receives a note from the customer when a customer gives a note for an amount due on an account receivable or when a company loans money and receives a note in return. Section 9 discusses notes at length. Other current assets might comprise interest receivable and prepaid expenses. Interest receivable arises when a company has earned however not collected interest by the balance sheet date. Typically the amount isn't due until later. Prepaid expenses comprise insurance, rent and supplies that have been paid for but all the benefits have not yet been realized (or consumed) from these expenses. If prepaid expenses hadn't been paid for in advance they would require the future disbursement of cash. Additionally prepaid expenses are considered assets because they have service potential.
Limitations of Ratio Analysis : In spite of the a variety of uses of ratio analysis, it go through from certain limitations, some of which are as under; 1. Limited use
Richard Hamilton has a fast - food franchise and must pay a franchise fee of $35000 plus 3% of gross sales. In terms of cost behavior, the total cost is a: a) variable cost b
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
briefly explain the accounting concepts which guide the accountant at the recording stage
Example of net realizable value? To exemplify a necessary write-down in the cost of inventory presume that an automobile dealer has a demonstrator on hand. The dealer obtained
Materiality Concept: There are several events in business that are trivial or insignificant in nature. The cost of reporting and recording such events will not be justified th
even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?
1. What are financial accounting, management accounting, and finance? What are their similarities and differences? 2. What information does a balance sheet provide? How do acco
Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued reven
Q. What do you mean by Return on investment? Return on investment (ROI) -- a measure of efficiency and effectiveness with that managers use resources available to them, express
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