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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.
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
I am expecting 50 growth because of the market size and consumers patronage, also because of latest product and service been introduced, also due to the competent working force wit
Q. Prepaid expenses and deferred charges? Prepaid expenses, deferred charges -- assets already paid for, which are being used up or willexpire. Insurance paid for in advance is
Ken, a resident, is a handyman who contracts with people to do a variety of jobs including repairing fences, fixing household items and small painting jobs. As part of this work, K
Q. Responsibility of Senior accountant? As a senior accountant Tracy will be accountable for the day-to-day management of several audit engagements during the year. She will pl
Q. What is Cyclic reporting? Cyclic reporting and the matching principle necessitate the preparation of adjusting entries. Adjusting entries are journal entries prepared at the
1. My accountant has told me that my business made a profit of £100,000 last year. However over the same time period my bank balance has decreased and not increased as I expected.
There are over 5,000 banks in the United States-more than 10 times the number per person than in other industrialized countries. A recent study suggests that the long-run average c
Treatment of Provision for Taxation and Proposed Dividend: As preparing the Funds Flow Analysis, the treatment of condition for Taxation and planned Dividend is very significa
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
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