Book keeping

Q: What are the valuing inventories?

A: Cost:   It is the economic value incurred by an organization to manufacture a product or to render a…

Q: Explain the recording process of special journals.

A: Companies use special journals to record repetitive transactions that affect the same set of…

Q: How could useful information " Relevant, Reliable, Complete, Timely, Understandable, Verifiable,…

A: The essentialness of financial reporting or preparation of the financial statements is justified…

Q: Define Intangible Assets.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: Define Donated Assets.

A: Donated assets are the assets donated to governmental or non profit entity without any consideration…

Q: How does Target record repairs and maintenance expense?

A: Revenue expenditures:   These costs are incurred to maintain the long-term asset in good condition…

Q: Definition of Land Improvements

A:

Q: Define Book value.

A: Asset Asset refers to an economic resource that an entity or an individual holds for gaining future…

Q: Multiple Select Question Select all that apply   Identify the principles of internal…

A: The objective of this question is to identify the principles of internal control from the given…

Q: Write note on current assets.

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: How to record the donation and acquisition of works of art and historical treasures?

A: Works of art and historical treasures are collections or significant individual items owned by a…

Q: how to solve  the supplies in current assets

A: Supplies in the current assets includes the supplies which is still in the hands of the entity and…

Q: What is purpose of sales journals?

A: Sales journal: It is one form of special journal book, which records all the sales transactions that…