adjusted total expenses?

Q: Define the term recovery allowance percentages?

A: Tax based depreciation rates are provided by the IRS and are called MACRS which is the modified…

Q: What is the difference between expenses versus assets?

A: Expenses and assets are both important components of a business’s financial health. Assets are items…

Q: investment securities for $5, 15,400 on a two-year, 8 per= 7, sold machinery for its ca machinery…

A: 1 Statement  of cash flows      For the year ended Dec 31 2017   Cash flow from operating…

Q: Define Accrued liabilities.

A: Liability are the obligations owed by an organization to the outsiders. Liabilities are classified…

Q: Define insurance expense.

A: Expense: It refers to the cost incurred by a business to generate revenues in their business…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: The following are the balances of NBO for the year ended 31/12/20 Particulars OMR Particulars OMR…

A: SOLUTION- WORKING NOTE- 1-NET INTEREST INCOME MEANS DIFFERENCE BETWEEN INTEREST RECEIVED ON INTEREST…

Q: What is accrual accounting?

A: Accrual basis of accounting is an accounting method based on which accrual transaction are recorded…

Q: how to compare between prepaid expenses and unearned revenue?

A: The adjustment for deferred items are made at the end of the year.

Q: What is accured expenses with example

A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…

Q: prepaid expense meaning

A: Under Accrual concept of accounting incomes and expenses are recognized as and when they occur.…

Q: What is rental income? Also, what are rental-related expenses? Give me some examples as well

A: Revenue Recognition means the recording of revenues of an entity in its books. It is an accrual…

Q: Describe the decisions about expenditure?

A: Expenditure:   It is the money spent by the organization to purchase or increase the value of their…

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: Why GAAP requires the allowance method

A: while accounting the uncollectible accounts  in the books of accounts GAAP requires the allowance…

Q: how do you calulate interest income and interest expense

A: Interest Income : It is the total amount earned by an individual or an entity during a specific time…

Q: What is accrued rent?

A: The accrual basis of accounting is the accounting done for the transaction even if the cash inflow…

Q: What are the differences between assets and expenses

A: Definition of Assets: Properties or things owned by business

Q: What is the purpose of debiting expenses?

A: Definition of Debit:- A debit is an accounting entry that either increases an asset or expense…

Q: What are sundry expenses?

A: Sometimes in business operation, a small number of various expenses are incurred and for each such…

Q: What is the accrual basis accounting?

A: Definition:   Accrued revenue: Accrued revenue refers to the revenues that are generated from the…

Q: What is allowance method?

A: Definition:   Allowance method of accounting for uncollectible accounts: This is the accounting…

Q: What is the difference between assets and expenses?

A: Assets and expenses are two different elements of the financial statements of an entity. Assets…

Q: Define Accretion expense.

A: Accretion expense is incurred due to the effluxion of time which is calculated on the basis of…

Q: How is the earned income credit determined?

A: Earned income credit: Earned income credit is a refundable tax credit system designed by the federal…

Q: What are pre-paid expenses

A: Introduction:- A prepaid expense is an asset. Which are are paid in advance.

Q: Differences between Accrued Interest and Payments?

A: Answer: An accrued interest is nothing but interest on a loan or an interest on bond that has been…

Q: How is the Income Summary account used? Is it a temporary or permanent account?

A: Income summary is an account which is prepared for closing accounts. It is prepared at the end of…

Q: What's the difference between total net income and net take-home pay?

A: The company's transactions will be tracked, and the first book to record these transactions is the…