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accounting basics, Accounting Basics
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Matching principle, Which accounting policies demonstrate the matching prin...
Which accounting policies demonstrate the matching principle? 1 charging depreciation on non-current assets 2 revaluing non-current assets on a irregular basis 3 using the re
Cash $10, Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400...
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equip
Briefly explain the functions of accounting, Question 1 Briefly explain th...
Question 1 Briefly explain the functions of accounting Question 2 Explain the three branches of accounting Question 3 What is single entry system? What are the advantages and
Accounting concepts, In earlier section, we had illustrated accounting as t...
In earlier section, we had illustrated accounting as the language of business. Along with language, accounting has several dialects. There are dissimilarities in terminology. In de
Advantages and disadvantages of fifo, Advantages and disadvantages of FIFO ...
Advantages and disadvantages of FIFO The FIFO method has four main advantages (a) it is easy to apply (b) the assumed flow of costs corresponds with the normal physical flow o
Explain in detail about the merchandise inventory, Explain in detail about ...
Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
Amount of safety stock , The injection molding department of a company uses...
The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga
Liquidity ratios (short term solvency ratios), Liquidity Ratios (Short Term...
Liquidity Ratios (Short Term Solvency Ratios): These Ratios calculate the capability of the firm to meet its current obligations. They point out whether the firm has enough li
Inventory, 20 hypothetical inventory transactions both sale and purchase
20 hypothetical inventory transactions both sale and purchase
On june 1st, On June 1st, Green Pea, Inc. purchased $1,200 worth of supplie...
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts? a. Increase supplies and accounts payable by $
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