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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.
Define FBT (Fringe Benefit Tax)? Ans) The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is likely to pay any FBT and may
The cost of goods sold section Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Ne
Depreciation on an Motor Vehicle of 5,000,000
List of things to include in a trial balance before adjustments
Difference between Income Statement and Balance Sheet Difference between the amounts of the columns in Income Statement and Balance Sheet should be the same amount. Words "Net
exploration costs for mining companies are assets?.
The resources as machinery, property, buildings and land rights etc. such a business owns are termed as assets. The money values allocated to assets are derived from the cost conce
#question.prepare the required adjusting entry for September 30, 2009
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
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