$2,4 The c con Is e to take three years at a total estimated cost of $2,000,000. Costs incurred in 2020 total $400,000. Determine the revenue and expense amounts to be recognized in the income statement in 2020 assuming that the company appropriately recognizes revenue over time using the cost-to-cost

Q: Encashing the bill before the due date is called from bank

A: Introduction: Bills of exchange: Bills of exchange is mostly used for international trade. Its an…

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

Q: Explain receivables conversion period

A: It is the time interval connecting the sale of the last item using a credit card and cash receipts…

Q: How to calculate inventories

A: Inventories are the assets for the business in which the company is dealing for earning the income…

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: What are the special forms of payment? Give examples for each.

A: Unless otherwise stated, the obligation to deliver begins when the contract is signed. The creditor…

Q: of computing vat payable

A: VAT refers to the type of tax imposed by the government over the sale of goods and services.

Q: What is a credit memo? Why it is used? Give an example?

A: Credit Memorandum: This is a document by the seller for the reduction in the amount owed by the…

Q: Give two examples of using annuities

A: Introduction: An annuity is an insurance contract issued and sold by a financial institution, whose…

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A: What are Vostro Account and Nostro Account

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: what is accounts payable?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: how to understand the characteristics of letter of credit

A: A letter or document issued by the bank in order to give guarantee payment to the seller is referred…

Q: Cullumber College pooled the individual investments of three of its funds on December 31, 2024. The…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: Explain an example of prepaid expenses.

A: Definition:   Prepaid expense: Expenses of future period are paid in advance. These expenses are…

Q: nd Other expenses amount

A: Other expenses is the difference between the net income and remaining operating expenses Drawing is…

Q: hello,please when I want to do a credit scoring based on the ESG factors which excell informations…

A: ESG stands for Environmental, social, and governance. These are the 3 key pillars that are…

Q: how do you do paycheck calculations

A: Paycheck means the payment of the salary or wage to employee. A paycheck is a traditional document…

Q: Definition of granting credit and give examples and illustrations

A: Credit - Credit refers to a term in which a sum of money is received by a borrower and is repaid to…

Q: Mention the key features of the Income and Expenditure Account.

A: Lets understand the basics. Income and expenditure account is a account prepared for non trading…

Q: WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

A: A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term…

Q: Illustratrate about the real and nominal accounts along with examples.

A: Real account:Real account involves the amount of asset, liability, or stockholder’s equity at a…

Q: Define receivables and understand issues related to their recognition.

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Q: ______best describes the classification and normal balance of the accounts receivable account?

A: The Answer :

Q: What are receivables credits? Please explain.

A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…

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A:

Q: 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for…

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A: Accounts receivable form a part of assets of the entity and represents the amount due from the…

Q: What is an invoice?

A:

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

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A: The Super Savings Account is the updated version of a normal saving account This particular account…

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Q: The chart that gives data about payments and payment schedule is called what?

A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…

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A: Expenses mean a decrease in economic benefits. Expenses are nothing but those transactions resulting…

Q: Define Current Receivables.

A: Current receivables are recorded under current assets of the company.

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.