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Q. What is Unbilled training fees?
A company may possibly perform services for customers in one accounting period while it bills for the services in a different accounting period. Micro Train Company carries out USD 1000 of training services on account for a client at the end of December. Ever since it takes time to do the paper work Micro Train will bill the client for the services in January. The essential adjusting journal entry at 2010 December 31 is:
Subsequent to posting the adjusting entry the T-accounts appear as follows
The service revenue emerge in the income statement the asset accounts receivable appears in the balance sheet.
stpes to be taken prepaing for final accounts
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
Q. What is current ratio in terms of accounting? The current ratio specifies the short-term debt-paying ability of a company. To find the current ratio we divide current assets
Explain the Terms of Payment Revolving charge plans are set up so that you can pay a percentage plus a finance charge on a monthly basis. Credit terms - allow purchaser a
Q. Describe about Expense? Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditu
define accounting. Explain the accounting concepts which guide the accountant at the recording stage.
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
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