If a company change its depreciation method from Straight line method to another method than what will be the impact for the difference?
When inventory prices are declining the, FIFO method will generally yield a gross profit that is:A Less than the LIFO methodB Equal to the average cost methodC The same as that from any other costing methodD
Latest Answer: Answer is A
Gross profit is less than LIFO method. ...
How to make a VAT entry in books including setoff?
Latest Answer: 1. Purchases Accounts Payable xxx VAT Input ...
Why net profit is shown in the liability side of the balance sheet?
Latest Answer: Net profit is shown in Liability side because of Net profit is liability to owner/shareholder. ...
How to account for Letter of Credit in the Books of Accounts of the Company ?
How will you Prepare Final Accounts?
Latest Answer: Final accounts consists of trading a/c, P&L a/c and balance sheet. All  the amounts from trial balance are taken to prepare these accounts. In Trading a/c all the transactions which are related to a factory are recorded, such as sales, purchases, wages ...
How to pass a JV when we receive bill including service tax? How to close this a/c?
Latest Answer: Service Tax would be credited by debiting the vendor's A/c bill wise for the whole time period of say one month or one quarter etc. and at the time of payment the Service Tax A/c would be debited by crediting the payment source A/c say Bank or cash. ...
Seema Automobiles Ltd., purchesed a machine for Rs. 60,000 on 1st july, 1988. On 1st january, 1989 company purchesed an additional machine costing Rs 20,000. On 31st december, 1990 the machinery purchesed
Latest Answer: Only transfer Payment ...
In EOQ, is Carrying cost is more, less or equal to Ordering cost, Explain?
Latest Answer: EOQ is the quantity of order where we can incurr the minimun inventory cost. at this level of purchse both total Carring and total ordering are equal since it is optimum level of ordering quantity. ...
Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the
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