Explanation

Each adjusting entry has a dual purpose: 

to make the income statement report the proper revenue or expense and 

to make the balance sheet report the proper asset or liability.

Explanation

Depreciation helps to tie the cost of an asset with the benefit of its use over time.

Explanation

A company, is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. 

Explanation

A manager who is responsible for only cost of company belongs to cost center.

Explanation

Explanation

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.

Explanation

Book value is the net value of a firm's assets found on its balance sheet, and it is roughly equal to the total amount all shareholders would get if they liquidated the company.

Explanation

In master budgeting, cost drivers for manufacturing overhead costs are direct manufacturing labour-hours and setup labour-hours.

Explanation

Difference between budgeted amounts and actual results is classified as variances.

Explanation

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.