pened Jara's Cleaning Service on July 1, 2019. During July, the follow- re completed. Complete accountin lers invested $20,000 cash in the business in exchange for common (LO 1, 2, 3 I used truck for $9,000, paying $4,000 cash and the balance on GLS I cleaning supplies for $2,100 on account. po cash on a 1-year insurance policy effective July 1. tomers $4,500 for cleaning services. po cash on amount owed on truck and $1,400 on amount owed on upplies. D0 cash for employee salaries.

Q: What are the responsibilities of an originator?

A: The originator's responsibilities are: Originator communicates with all borrowers of mortgage loans…

Q: What is physical life of project?

A: Physical life of a project is the duration of time in which the project has been fully used and…

Q: Describe about the DVL methods and what are its advantages?

A: Dollar-value-LIFO: This method shows all the inventory figures at a dollar price rather than units.…

Q: The components of the conceptual framework ?

A:

Q: How to choose a Benchmark?

A: Investors select a market index (or a mix of indices) as the portfolio's benchmark. An index…

Q: Explain materiality , happens and why these are important? Explain with the help of example.

A: Materiality refers to the concept of determining whether a particular item, transaction, or…

Q: What is the relevant range of CVP?

A: Introduction: Cost-Volume-Profit (CVP) analysis, also commonly referred to as break-even analysis,…

Q: Consider REMICs?

A: A real estate mortgage investment conduit (REMIC) is a difficult puddle of mortgage securities…

Q: How is benchmarking beneficial?

A: Benchmarking is a measure which determines a company's competitive position through comparing its…

Q: what formula did you use to calculate PVIFA?

A: The acronym PVIFA stands for the present value interest factor. The present value interest factor is…

Q: What is GAAP and how does it work

A: The accounting is based on various principles that are defined by GAAP or IFRS.

Q: Explain subsequent events and why these are important? Explain with the help of example.

A: Subsequent events refer to events or transactions that occur after the balance sheet date but before…

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What is the relevant range?

A: The concept of relevant range is used in the cost accounting. It tells under what level of…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.