Describe briefly the term adjustment entries
Describe briefly the term Adjustment entries?
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Adjustment entries are the entries that are passed at the ending of each accounting period to correct the nominal and other accounts so that correct net profit or net loss is shown in profit and loss account and balance sheet might also represent the accurate and right view of the financial condition of the business.
Write down the various kinds of expenditures considered for the reason of accounting?
Write down the process for charging overheads?
Write down the procedure of capital budgeting?
Give a short introduction of the term ‘Absorption’? And also write down its various methods employed for deciding the rates of overhead absorption?
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The following information is taken from the financial statements of an entity: 20x6 20x5 Property, plant and equipment $4,100,000 $3,600,000 Accumulated depreciation (1,400,000) (1,050,000) Depreciation expense 650,000 Gain on disposal of PPE 35,000 The asset disposed of had a cost of $400,000
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