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Materiality is when a business moves away from general accounting principles and makes own estimates because it thinks that the asset is not very significant (material) and so will not make a significant difference in final statements.as salam alikum
all accounting students,
does anybody hav an ideia what these principals are?, this is in core section, page 9 of syllabus
we just have to go giv the exam with a positive mind and thts bout it i guessexactly, but the sylabus is the main thing, the book is so outdated.
ask ur questionI need some help for IGCSE economics? Cn I get here?
market based system of trade simply means the use of price mechanism to allocate resources in a free market efficiently using the forces of demand and supplyOkey I need some help in paper 3 critical evaluation.I need to know about a market based system of trade.I cannot understand the meaning.
ur welcomeOh thanks aloot.
in sha Allahinsha allah we will get good grades in accounts and other subjects
guys, plz someone answer this question
In the manufacturing account, after taking out the cost of production and the profit from the production, comes the amount transferred to the trading account, the question is = What is the other treatement of the profit from production??
Lets say you transferred 100000 worth of goods from manu.acc. And the profit element say 25% mark-up. So the transfer value anyways includes it!! So profit element = (100000/125)*25 = 20000. This has to be credited under other income!
Buh dont forget the entire 100000 will be recorded in the trading acc as cost of production!
And then you sometimes might have to adjust for unrealised profit
The question says that bad debts had already been written off. So you just have to multiply the 5% with 125400. You get 6270. That minus 1800 = 4470Plz help! in this question, why the answer is B and not A :S :S
thnx in advance
you have to credit it under other income in your PL acc!thnx understoood
but that profit which is 20000, where it goes?? other than in the manufacturing account?
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