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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.
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
Data evaluation is observed as the most significant activity in accounting recently. Evaluation of data comprises controlling the activities of business along with the assist of bu
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
Q. Equity segment of a corporate balance sheet? The stockholders' equity segment of a corporate balance sheet can become more complex as you will see later in the text. But the
1. Whate are the challenges faced in trade and solutions those problems?
Cross indexing is made up
Q. Example of lower-of-cost-or-market method? A company may perhaps apply LCM to each inventory item such as Monopoly each inventory class (such as games) or total inventory. T
Accounting process in operation Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The compa
Q. What is Inventory? Inventory -- Supply or stock of products and goods that a company has for sale. Amanufacturer may have 3 kinds of inventory: raw materials waiting to be c
Profitability refers to a company's ability to obtain profits and positive cash flows and to its ability to obtain an adequate return on invested capital or a company's ability to
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