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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 period.
Like for a period of July 05 - October 05, if the organization was because of receive 1000K from an individual X but has not received yet for some reason, will receive in November 05. It would be still be accounted for in the period July 05 - October 05 and not the period initial from November 05.
Q. Explain about income statement? The income statement, sometimes called as an earnings statement that reports the profitability of a business organization for a stated period
Illustrate Sales returns.
Q. Last-in first-out inventory? LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
Q. Explain about full disclosure principle? The full disclosure principle states that information significant enough to influence the decisions of an informed user of the finan
assignments
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise
If Alisha Maintenance manufacturing has: total maintenance cost of $2,785,000 total fixed maintenance cost of $310,000 total variable maintenance cost of $2,475,000 total m
Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third
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