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  1. When should I change spark plugs (audi a4 2008)

    When should I change spark plugs (audi a4 2008)
  2. Question: Fixed asset

    by hamzashakaa
    Answers
    1
    Views
    496

    If the banners will not benefit the company for...

    If the banners will not benefit the company for more than one year then I would prefer to classify it as used materials expenses. Moreover , the value is not material.
  3. First you should order a statement of account...

    First you should order a statement of account from the supplier related to this payable and make sure that the supplier will not claim the amount of liability and that the liability should not be...
  4. Answers
    1
    Views
    333

    Sales taxes and insurance to cover the asset...

    Sales taxes and insurance to cover the asset during shipment should be capitalized. I don't know what is meant by doc fees and tag fees. But you should keep in mind that vehicle license fees and...
  5. It is an account that offsets another asset...

    It is an account that offsets another asset account. For example Accumulated depreciation reduces fixed assets account and provision for doubtful debts reduces accounts receivable.
  6. Question: Donated land

    by hamzashakaa
    Answers
    6
    Views
    1,808

    Yes you should use this account in case of...

    Yes you should use this account in case of revaluation
  7. Question: Donated land

    by hamzashakaa
    Answers
    6
    Views
    1,808

    If the land is received from a government agency...

    If the land is received from a government agency then you should record the land at fair value and you should credit the donated capital account in the equity section of the balance sheet. If the...
  8. Answers
    1
    Views
    346

    When should I change the tires?

    I have OPEL ASTRA. I want to know when should I change the tires (After how much KM) and shall I change the spare tire also.

    Regards
  9. Preoperating and start up costs should be...

    Preoperating and start up costs should be expensed as incurred under IFRS
  10. You can find this topic in advanced accounting...

    You can find this topic in advanced accounting textbooks
  11. Question: Equity method

    by hamzashakaa
    Answers
    1
    Views
    363

    When you receive dividends under the equity...

    When you receive dividends under the equity method you should debit the bank account and reduce the investment account.
  12. Answers
    1
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    979

    I don't have access to the codification standards...

    I don't have access to the codification standards but FAS 142 (Goodwill and Other Intangible Assets) states the following:

    34. For the purpose of testing goodwill for impairment,all goodwill...
  13. Answers
    1
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    1,278

    The conceptual reason for not allowing the...

    The conceptual reason for not allowing the reversal of goodwill impairment is to prevent capitalizing of internally generated goodwill. Internally generated goodwil is not recorded because it does...
  14. Answers
    1
    Views
    368

    IAS 16 P8 States the follwing regarding your...

    IAS 16 P8 States the follwing regarding your question:

    Spare parts and servicing equipment are usually carried as inventory and
    Recognised in profit or loss as consumed. However, major spare...
  15. Answers
    1
    Views
    1,355

    If the balance represents a long term financing...

    If the balance represents a long term financing (Transactions and balances for which settlement is not planned in the foreseeable future) from the holding company then the exchange differences should...
  16. If a supplier overcharged you it means that you...

    If a supplier overcharged you it means that you credited his account for more than it should be. Accordingly, you need to decrease his balance by debiting his account and that means you should issue...
  17. Answers
    3
    Views
    7,906

    I will not answer your question but here is an...

    I will not answer your question but here is an example:

    Suppose you have two levels of activities and costs as follows:

    Activity (Machine hours) Total Cost

    1,000,000 $80,000
    2,000,000...
  18. Answers
    1
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    2,230

    dr. Damaged inventory loss Cr. Inventory

    dr. Damaged inventory loss
    Cr. Inventory
  19. It appears in two statements: Balance sheet ...

    It appears in two statements:
    Balance sheet
    Stock holders equity
  20. Answers
    1
    Views
    375

    IAS 38 States that pre-operating costs must be...

    IAS 38 States that pre-operating costs must be charged to expense when incurred.
  21. Answers
    1
    Views
    381

    Hi, Actually in my country (JORDAN) they pulled...

    Hi,
    Actually in my country (JORDAN) they pulled all reductil pills from all the pharmacies because they said it causes heart deseases and that it demage can be more than its benefit. I took two...
  22. Previously the classification of exchanges was...

    Previously the classification of exchanges was exchanges of similar assets and exchanges of dissimilar assets. An exchange of dissimilar assets is usually considered to have commercial substance but...
  23. Answers
    3
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    5,324

    Regarding your first comment you are right...

    Regarding your first comment you are right impairment loss should be accumulated in a separate account. (Accumulated impairment loss) not accumulated depreciation.


    Regarding the new cost basis...
  24. Answers
    3
    Views
    5,324

    Dr. Impairment loss Cr. Accumulated depreciation...

    Dr. Impairment loss
    Cr. Accumulated depreciation

    After the asset has been written down the adjusted Book value of the asset (Original cost minus accumulated depreciation) becomes its new cost...
  25. No its not because when you credit the prepaid...

    No its not because when you credit the prepaid rent account you should debit rent expense account.
    The entry at the beginning should be
    Debit Prepaid rent
    Credit Bank

    Then at each period or...
  26. You can journalize the following: DR. prepaid...

    You can journalize the following:

    DR. prepaid salaries (Employee name)
    CR. Bank
    And when the salary is due you should record the following:
    Dr. Salaries Expense
    Cr. Prepaid salaries (Employee...
  27. Answers
    3
    Views
    849

    Actually IFRS 5 does not state that there should...

    Actually IFRS 5 does not state that there should be more than one asset in order to be classified as current. If any asset met the criteria mentioned above it should be classified as current.
  28. Answers
    3
    Views
    849

    In accordance to IFRS 5 (Non-Current assets held...

    In accordance to IFRS 5 (Non-Current assets held for sale) in order to classify the asset as current assets held for sale the asset must be available for immediate sale in its present condition...
  29. Please follow this link Debits and Credits |...

    Please follow this link

    Debits and Credits | AccountingCoach.com
  30. Answers
    2
    Views
    602

    Two accounts should be placed in the equity...

    Two accounts should be placed in the equity section of the balance sheet as follows:

    Common stock 50,000
    Preferred stock 100,000
  31. Answers
    1
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    349

    The 75000 should be reported in due from...

    The 75000 should be reported in due from employees section or other debit balances but not trade accounts receivable. Because trade receivables arise from the sale of the companys' products and...
  32. Answers
    1
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    806

    I'm supposing that you are a for - profit...

    I'm supposing that you are a for - profit organization.
    The donated vehicle should be recorded at fair value at the date of the donation and should be reflected in the income statement according to...
  33. The depreciation expense should be added to Net...

    The depreciation expense should be added to Net income in the statement of cash flows because it is a non cash item. The entry that should be recorded in the accounting system is
    Dr. Depreciation...
  34. Answers
    1
    Views
    703

    Dr. Inventory Cr. Cash

    Dr. Inventory
    Cr. Cash
  35. Answers
    2
    Views
    469

    See also this example: Example: Suppose you...

    See also this example:

    Example:

    Suppose you have two levels of activities and costs as follows:

    Activity (Machine hours) Total Cost

    1,000,000 ...
  36. Answers
    3
    Views
    2,308

    Gross profit equals sales minus variable and...

    Gross profit equals sales minus variable and fixed manufacturing costs (Absorption costing). However, contribution margin equals sales minus variable manufacturing costs (variable costing). The...
  37. Answers
    8
    Views
    7,159

    What is wrong with copying paraghraghs from a...

    What is wrong with copying paraghraghs from a useful site and paste it here? I think it will be easier for the one who asked the question to see the answer directly. Moreover, we are not here to...
  38. Follow the below link it will help you. ...

    Follow the below link it will help you.

    Adjusting Entries | AccountingCoach.com
  39. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    Actually this is a huge difference and the only...

    Actually this is a huge difference and the only way to know the difference is to see every movement in the bank statement from the beginning of the year and compares it to the movements in tha...
  40. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    In order to know the difference between the bank...

    In order to know the difference between the bank balance and the trial balance. You should print a statement of account from the accounting system for the period from 1-1-2008 to 31-12-2008. And the...
  41. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    Yes that's right. But please don't for get to...

    Yes that's right.

    But please don't for get to see the bank statement if there is any charges or fees that were debited in the bank statement and not recorded in your books
  42. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    Outstanding checks that were withdrawn by...

    Outstanding checks that were withdrawn by customers from the bank are not deposits in transit. Deposits in transit is cash or checks that you received from customers and you debited tha bank in your...
  43. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    You should not add outstanding checks that were...

    You should not add outstanding checks that were cleared in 2009 these are not deposits in transit. Just take the bank balance from the bank statement as of 31-12-2008 then you should subtract...
  44. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    Do you mean that there is a difference in the...

    Do you mean that there is a difference in the reconciliation?
  45. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    No. I meant cash received from customers and you...

    No. I meant cash received from customers and you send it to the bank but the bank still did not record the deposit.


    For example, a retailer might receive $5,000 on Saturday (June 29) and $3,000...
  46. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    Yes outstanding checks means check that are not...

    Yes outstanding checks means check that are not cleared so far.
  47. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    Regarding question number 1 deposits in transit...

    Regarding question number 1 deposits in transit means cash (currency, coins, checks, electronic transfers) that a company has received and is rightfully reported as Cash on its trial balance, but...
  48. Answers
    8
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    7,159

    For businesses, it is vital for balance sheets to...

    For businesses, it is vital for balance sheets to be reconciled at the end of a period, usually either a month, quarter or year. This balance sheet reconciliation is part of the closing process. It...
  49. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    Yes you should deduct all the outstanding checks...

    Yes you should deduct all the outstanding checks from the bank balance as if they were drawn from the bank. Then the balance should match the trial balance. This should be performed by performing a...
  50. Question: Trail balance

    by hamzashakaa
    Answers
    38
    Views
    3,279

    If this difference is only because of outstanding...

    If this difference is only because of outstanding checks that are still not drawn from the bank. Then this is not a problem and the balance in the trial balance will appear in the financial...
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