What characteristics of documents do thomas cook involve to set up the business?
e.g. articles of associationAnswers: Thomas Cook died July 18, 1892, Leicester England.
Accounting grill sustain?
At times, businesses require advance payments from customers that will be applied to the purchase price when commodities are delivered or services provided. These customer advance represent:A) Liabilities until the product or service is provided.
B) A component of shareholders' equity.
C) Long-term assets until the product or service is provided.
D) Revenue upon receipt of the credit payment.
Answers: D
The answer is A. When a business take advance payments these payments are "unearned revenue" which is a liability. You must provide the service surrounded by order for this "unearned revenue " to become a revenue.
THE ADVANCE PAYMENT IS
beforehand providing the service its LIABILITY -- A
After providing the service its a REVENUE --D
Cadillac doesnt know his accounting.
These payments are considered liabilities, because what happen is that the customer paid me surrounded by advance for a service or dutiful that was not given to him.
So, the company cannot emphasize that it earned a revenue, for revenues are earn with the confinement of the good or service.
Basically, the customer compensated the company in credit to ensure that he will be receiving the moral at a later date. The money is still his until he receive what he was promised. Until that occur, the company will have to register it as a liability. This liability is called Unearned revenue (for the reason listed above).
The entry would be Dr. Cash and Cr. Unearned Revenue.
Once the company provides the services, next you can Dr.Unearned revenu (cancel it) and credit Revenue (as the company has completed its promise to its client).
What's the value of a 1967 canadian one dollar coin?
Answers: These are fairly common coins because they minted so many of them. In uncirculated condition probably $10.00 They minted just over 7 million coins for Canada's centennial.
$10.0199