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1. For each of the following accounting assumptions/principles, explain a business transaction: (a) Accounting Entity Assumption (b) Going Concern Assumption (c) Matching Principle
Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
Cooperton Mining just announced it will cut its dividend from $4 to $2.50 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expecte
preparing trial balance with balance method
On January 1, 2012, the organizers of the Parsons Corporation contained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation
on 1 april,2007,X Ltd. makes an issu of 10,00,000 equity shares of rs.10 each payable as follows: on application-rs.3;allotment-rs.5;on first call rs.2(3 month after allotment). ap
Capital In addition to borrowing from banks and additional sources, all companies obtain finance from their owners. This money is usually accessible for the life of the busines
Q. Seasonality in sales? Based upon its operating record the company believes that its business is seasonal. Excluding the result of net sales, new store openings and earnings
Perth Ltd acquired 80% of the share capital of Summer Ltd on 1 July 2011. The following equity balances appeared in the records of Summer Ltd at the date of acquisition: Share capi
Ask queMary Lapointe, the Chief Financial Officer of your Northern Travel Experience company, has advised that the company will be opening an office in Nunavut this year. The offic
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
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