The equipment acquired on Oct. 2021 was sold on Apr. 2022. How much is the creditable input vat on Apr. 2022?

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A: Depreciation - It is method of accounting to allocate cost of assets over a useful life of assets.

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Q: Vikrambhai

A: Let's start with the office furniture:*   Office furniture:   *   Placed in Service: September 12…

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A:

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.