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Q. What is Current liabilities?
Current liabilities are debts due inside one year or one operating cycle whichever is longer. The payment of current liabilities usually requires the use of current assets. Balance sheets list current liabilities in the order they should be paid the sooner a liability should be paid the earlier it is listed. Instance of current liabilities follow.
Q. Example on completion method? Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percen
Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co
Compute each of the following amounts Company reported current assets of $80,000, non-current assets of $350,000, current liabilites of $32,000 and long term liabilities of $120,00
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