describe the need for accruals and other adjustments in preparing fi nancial statements

Q: Describe Liabilities from Advance Collections.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: What approaches may be employed in applying the LCNRVprocedure? Which approach is normally used and…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: The first fuction of the . .is to capture the claim. a. Member services department b. Marketing…

A: Member services department is the department which are responsible for the quality of the services…

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system:   The accounts payable system looks over the due payments to be processed…

Q: A principle that is concerned with information that should be significant enough to affect…

A: Accounting Principles: These are the methods, guidelines, and rules that shall be followed by the…

Q: 21. What is the form that filled out by insured if a loss is suffered? *

A: Takaful is a sort of Islamic insurance in which members combine their funds to protect one another…

Q: Describe the decisions about expenditure?

A: Expenditure:   It is the money spent by the organization to purchase or increase the value of their…

Q: State the meaning of a trial balance?

A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…

Q: How to calculate the mark up

A: The markup is calculated with the following formula:

Q: Explain the purpose and construction of a statement of functional expenses.

A: Financial Statement:   It refers to the financial records of an organization that reports their…

Q: The purpose of adjustments is to?

A: In simple words, adjusting entries are the changes to the journal entries that are already made in…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: How do you journalize entries on FOB shipping and FOB destination?

A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…

Q: how do you do adjusting entries?

A: Adjusting entries: An adjusting entry is prepared when the trial balance is not up-to-date, and…