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Q. What is Prepaid rent explain with example?
Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays rent in advance to cover more than one accounting period. On the date it compensate the rent the company debits the prepayment to the Prepaid Rent account (an asset account). The company hasn't yet received benefits resulting from this expenditure. Therefore the expenditure creates an asset.
We measure rent expense likewise to insurance expense. Usually the rental contract specifies the amount of rent per unit of time if the prepayment covers a three-month rental we charge one-third of this rental to each month. Become aware of that the amount charged is the same each month even though some months have more days than other months.
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Q. Advantages and Disadvantages of FIFO? FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods
Q. Example of sales cycle of company? For several retailers a large percentage of their annual sales occur during the period from Thanksgiving to Christmas. They efforts to sto
I submitted an assignment this morning and have heard nothing back
Explain the meaning of Payroll Deductions There are numerous deductions taken from an employee's earnings. These are deducted by employer before employee receives a check. D
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
Q. What is Inventory obsolescence? Inventory obsolescence -- inventory no longer salable. Possibly there is too much on hand,possible it is out of fashion. True value of the in
Q. Describe Retail inventory method? Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory
What is Discounts received?
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
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