Answer / jagruti

Capital is a liability because the business is different
from its owners. company raises capital by its owners and
for that capital it has to pay returns on it in the form of
dividend and interests so if we are paying something,its
our liability so that capital is always at liability side

Your marketing company has been working on a consulting project for a client. Your team has worked on the project for two months, and it is now year-end. The project will be completed by February of the next year, and the client has not yet been billed. For the financial statement, how should project be classified?Should the costs associated with an uncompleted consulting project be classified as a work-in-process asset on the balance sheet or should the cost be expensed on the income statement as a part of the doing business?why?

2 Answers  

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Cheque in hand is current asset or fixed asset...?

3 Answers   VKS,

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On goods purchases of Rs.2,00,000 got trade discount of 20,000 from supplier, and the amounts paid to supplier is 1,00,000 in cash and RS.1,00,000 in check on the same day, what would be the general ledger entry ?

18 Answers   Genpact,

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Journal entry for Salary paid 100000/- in which (1)pf (2)esi (3) professional tax included

2 Answers   BPO,

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CHEQUE ISSUED TO ABC 20000 & DISSOUNT RECEIVE 2000 THE CHEQUE DISSONORED WHAT ENTERY THIS TRANSACTION

16 Answers   IBM, OPI Global,

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8. What is the difference between: a. Direct Costing Method and Absorption Method. b. Fixed Cost and Variable Cost.

0 Answers  

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what is the relationship between cost accounting financial accounting and managerial accounting?

0 Answers  

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What is negative goodwill?

3 Answers   Wipro,

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goods lost by fire rs10000 & insurance claim received for the same rs8000.what are the effect of this entry in final accounts?

17 Answers   Amma Enterprises, BHU, HCL, Syntel,

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Cash in hand-5000,Cash at bank-4000, Bill receivable- 3000,Bills payable-5000,Bank loan-6000.Calculate total liability of the firm?

11 Answers   ACS,

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Business entity concept?

2 Answers   ACS,

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How can you do credit control?

0 Answers  

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