How does Target record repairs and maintenance expense?

Q: What is holder-of-record date?

A: Holder-of-record date:This is related to the dividend distribution.

Q: What is the purpose of making adjusting entries?

A: The purpose of making the adjustment entry is to make the accounts upto date and the period to which…

Q: Explain the differences in the accounting treatment of repairs and maintenance, additions,…

A: Capital expenditure: It refers to the amount spent on acquiring, maintaining, and improving the…

Q: What are the measures used to describe possible loss accurately?

A: Furthermore, you have the option of paying for your item in equal monthly instalments, guaranteeing…

Q: What differences between adjusting entries and closing entries?

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: The journal entry to transfer the loss on revaluation, to Revaluation account:

A: All Partners’ Capital A/c (Individually) Dr.              To Revaluation A/c (To record Loss on…

Q: Define insurance expense.

A: Expense: It refers to the cost incurred by a business to generate revenues in their business…

Q: What are the valuing inventories?

A: Cost:   It is the economic value incurred by an organization to manufacture a product or to render a…

Q: Describe how property, plant, and equipment disposal is accounted for

A: Property, plant, and equipment disposal is accounted will be explained :

Q: How did you calculate the depriciation expense?

A: This method also called diminishing balance method or declining balance method where the…

Q: Which of these is NOT a list of revenue expenditures? Rent, insurance, machine repair expense…

A: Revenue expenditure are those which are debited to the income statement & expensed off in the…

Q: What is the impairment loss to be allocated to the equipment?

A: An impaired loss is the loss which results to the asset of the company as a result that the market…

Q: What are the different risks associated in the accounting of inventories?

A: Answer: Inventories are the current assets of the company which are realizable within 12 months from…

Q: Why are adjusting entries and note disclosures labeled “proposed”?

A: Adjustment Entries: The entries are generally recorded prior to preparation of financial statements…

Q: What should be the necessary adjusting journal entry to correct the journalizing error?

A: Introduction:- Joutnal entry:- A journal entry is the first step of the accounting process. Journal…

Q: Distinguish between ordinary repairs and extraordinaryrepairs. How is each accounted for?

A: Ordinary repairs:   These costs are incurred to maintain the long-term asset in good condition for…

Q: When is revenue recognized with respect to licenses?

A: In case of Licences, revenue is recognised in two ways depending on the type of transaction. If the…

Q: Discuss the risk of material misstatement inthe acquisition and expenditure cycle.

A: Material Misstatement refers to the misleading information in the statement of affairs of the…

Q: What is function of expense method?

A: Organisations can opt for either of the options to prepare and report the income statement. They are…

Q: What is important for a MACRS to consider at the time of disposal?

A: MACRS stands for Modified Accelerated Cost Recovery System. These are the regulations of…

Q: What are the characteristics of Adjusting Entries?

A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…

Q: Explain the accounting treatment required when a change is made to the estimated service life of…

A: .

Q: Amount of loss account

A: The amount of loss account will be calculated by taking the number of total hours wasted in a power…

Q: Characterize accrued liabilities and liabilities from advance collection and describe when and how…

A: The liabilities are the amount of money which a company has to pay to others. It includes accrued…

Q: When is it necessary to estimate inventories?

A: Inventories are resources which are held to be sold in the market. Inventories can be in the form of…

Q: describe general principles of expense recognition, specifi c expense recognition applications, and…

A: Expenses mean a decrease in economic benefits. Expenses are nothing but those transactions resulting…

Q: Prepare the journal entries in relation to the provision liability

A: Liability can be defined as present obligation arising due to past events resulting into outflow of…

Q: how to calculate deprieation

A: When fixed asset is purchased, it is recorded in books of accounts at it original or acquisition /…

Q: What is the difference between ordinary repairs and extraordinary repairs? How should each be…

A: Ordinary repairs are those repairs which are being done in normal course of business to maintain the…

Q: Define Accounts, Give examples of- Unearned Service Revenue, Depreciation, Utilities Expense,…

A: Definition of the following are given below : a. Unearned Service Revenue b. Depreciation c.…

Q: Define the term salvage value of the equipment?

A:

Q: What disclosure is required for a probable loss contingency?

A: Contingent liability: This is an uncertain obligation which might be incurred on a future date as a…

Q: What questions should be asked after a returned item hasbeen counted and recorded?

A: Returned items are goods that are returned to the manufacturer or secondary retailers.

Q: Explain the accounting for loss carryforwards.

A: The Accounting For Loss Carryforwards will be explained:

Q: What are the Copies of all approved requisitions?

A: Requisition:-It is a process where one person requests using service or item. A requisition is a…

Q: Would we list Supplies Expense?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…

Q: What is the main function of depreciation accounting?

A: Depreciation is the estimated consumption of fixed assets that are recognized in the income…