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Q. What is Estimated useful life?
The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measurement that a company must make in advance. But sometimes the useful life is determined by company policy example keep a fleet of automobiles for three years.
Accountants use different procedures for recording depreciation. The method exemplify here is the straight-line method. We confer other depreciation methods in section 10. Straight-line depreciation assigns the similar amount of depreciation expense to each accounting period over the life of the asset.
The Olympic Company has an accounts receivable balance at December 31, 2010 of $159,548.00. The existing balance in the Allowance for Uncollectible Accounts was a credit of $2,563
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
Q. Describe about Capital? Capital -- money invested in a business by its owners. On the right side or bottom of a balance sheet. Capital also denotes to machinery, buildings a
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
Q. Explain about Classified income statement? An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divide
briefly explain the accounting concepts which guide the accountant at the recording stage
Ordering inventory at a regular and set time interval
Q. Illsutarte the Summary of transactions? Summary of transactions is a teaching tool utilized to show the effects of transactions on the accounting equation. Note that the sto
journalizing payroll transactions, for Keller Systems;Inc, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social se
Q. What is Marginal cost and marginal revenue? Marginal cost is the extra cost incurred by addingone more item. Marginal revenue is revenue from selling one more item. Economic
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