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Q. What is matching principle?
Expense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle. The matching principle states that expenses must be recognized (recorded) as they are incurred to produce revenues. An expense is the outflow or else using up of assets in the generation of revenue. Firms voluntarily acquire expense to produce revenue. For illustration a television set delivered by a dealer to a customer in exchange for cash is an asset consumed to produce revenue its cost becomes an expense. Likewise the cost of services such as labour is voluntarily incurred to produce revenue.
What is journal entry for Input CST which are paid at the time of purchases of goods from other state.
Contain the relevant authoritative literature on accounting for investments in held-to-maturity securities using the FASB's Codification Research System. What is the specific citat
Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and
How does contribution margin work?
COMMON ADJUSTMENTS AFFECTING THE PREPARATION OF BALANCE SHEET ARE: 1. Closing stock : Closing stock come into view on the credit side of trading account and assets side of
A part of Deeper Coral's income is earned from conducting diving lessons. Level Lesson Type Fee per hour I Intro
A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price? A. $476 B. $595 C. $612 D. $644
Q. What do you mean by single proprietorship? A single proprietorship is a non incorporated business owned by an individual and often managed by that same person. Single propri
The Braggs & Struttin' Company produces an engine for carpet cleaners called the "Snooper." Budgeted cost and revenue data for the "Snooper" are given below, depends on sales of 40
Q. Recording changes in revenues and expenses? Examine that Notes Payable, liabilities and increase with an entry on the right (credit) side of the account. Recording changes i
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