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Q. What do you mean by Overhead?
Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production. The chief executive's salary and rent are typically overhead.
Q. Example of Unearned service fees? Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm
define Macrs in detail
accepted#
Q. Advantages and Disadvantages of FIFO? FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods
Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
Q. Explain about Cost of goods sold? Cost of goods sold is the main expense in merchandising companies. Note the cost of goods sold segment of the classified income statement i
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it
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