Such errors arise when entry in a book or original entry has been made twice and has also been posted twice, are called errors of duplication.
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Drawings refer to the withdrawal of cash or other assets from an unincorporated business for the personal use of the owner. Drawings decrease the owner’s equity.
- Outstanding assets
Outstanding assets are those assets over which the company has no immediate claim but which are recoverable at a later date or which
- Annual rate of return technique
Annual rate of return technique determines the profitability of a capital expenditure by dividing expected annual net income by the average investment.
- Average-cost method
Average-cost method is an inventory costing method that uses the weighted average unit cost to allocate to ending inventory and cost of goods sold the cost of goods available for sale.
- Responsibility accounting
Responsibility accounting is a part of management accounting that involves accumulating and reporting revenges and costs on the basis of the manager who...
- FICA Taxes
In 1937 Congress enacted the Federal Insurance Contribution Act (FICA). FICA taxes are designed to provide workers with supplemental retirement, employment disability...
- Total manufacturing costs
Total manufacturing costs refer to the sum of direct materials, direct labor, and manufacturing overhead incurred in the current period.