Fixed Assets and Depreciation Accounting
Fixed Assets are business purchases which will be used by the business for a few years. Examples are machinery, vans and computers. To be classified …
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Fixed Assets are business purchases which will be used by the business for a few years. Examples are machinery, vans and computers. To be classified …
Usually overheads are absorbed on the basis of predetermined rates. Since predetermined overhead rates are based on budgeted overheads and budgeted production, invariably the overheads …
After journal entries are made, the next step in the accounting cycle is to post the journal entries into the ledger. Posting refers to the process of transferring …
Accounting cycle is a step-by-step process of recording, classification and summarization of economic transactions of a business. It generates useful financial information in the form …
Economic Entity Assumption The accountant keeps all of the business transactions of a sole proprietorship separate from the business owner’s personal transactions. For legal purposes, a sole proprietorship and its owner …
There are a number of conceptual issues that one must understand in order to develop a firm foundation of how accounting works. These basic accounting concepts are …