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Q. What do you understand by Deferred income?
Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. For illustration when a magazine subscription is paid inadvance, magazine publisher is liable to provide magazines for the life of subscription. The amount in deferred income is reduced as magazines are delivered.
on 1st july,2008,machinery purchased rs10,000 for cash from bhim.give journal entry and prepare ledger accounts.
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
Flying High Inc. plans to raise $5,000,000 external financing through issuing bonds, and is considering two options: regular bonds and zero couple bonds. The regular bonds will ha
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
Accrual basis of accounting means that the costs or revenues of events are renowned in the period in which they happens; by the cash flows may take place in another accounting peri
Numerous accounting organizations have codes of ethics governing the behaviour of their members. For example both the American Institute of Certified Public Accountants and the Ins
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. False
O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi
Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y
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