Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. What is Prepaid expense?
A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of these three adjustments is the same. Prepaid insurance When a company pays an insurance policy premium in advance, the purchase creates the asset prepaid insurance. This go forward payment is an asset because the company will receive insurance coverage in the future. With the way of time but the asset gradually expires. The part that has expired becomes an expense. To exemplify this point recall that in section 2 Micro Train Company purchased for cash an insurance policy on its trucks for the period 2010 December 1 to 2011 November 30. The journal entry prepared on 2010 December 1 to record the purchase of the policy was
The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this entry the Prepaid Insurance account has a USD 2400 debit balance on 2010 December 1. The Insurance Expense account contains a zero balance on 2010 December 1 for the reason that no time has elapsed to use any of the policy's benefits.
Q. Explain about Representational faithfulness? Representational faithfulness To increase insight into this quality considers a map. When it shows bridges and roads where roads
Accounting Standards The flexibilities offered by a choice of accounting treatments distinctly diminish, and even distort the comparability of relevant inform
want to know sbp bsc rato analysis for 2010 t0 2014
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
Assorted fund, a U.K.-based globally diversified equity mutual fund, is considering adding Talisman Energy Inc. (Toronto Stock Exchange: TLM) to its portfolio. Talisman is an indep
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Q. What is depreciable amount? The dissimilarity between assets's cost and its estimated residual value is an asset's depreciable amount. To persuade the matching principle the
1. (a) Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage. (b) "Ledger is said to be the principal book entry and the t
Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co
Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd