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Accounting process in operation
Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The company tenders beginning through advanced training with convenient scheduling. A small convoy of trucks transports personnel and teaching supplies to the clients' sites. The company lease a building and is responsible for paying the utilities.
We exemplify the capital stock transaction that occurred to form the company (in November) and the first month of operations (December). The accounting process utilized by this company is similar to that of any small company. The ledger accounts utilized by Micro Train Corporation are
Notice the gaps absent between account numbers (100, 103, 107, etc.). These gaps permit the firm to later add new accounts between the existing accounts.
XYZ plc provides engineering and consultancy services to the oil and gas industry. Over the past few years, they have incurred expenditure of £1m researching and developing a new
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%
What steps would you take before approving an invoice for payment? Ans) Following steps should be taken.. ? Certify the invoice once it is matched for checking any holds..
The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
Q. Instalments basis of revenue recognition? When accumulating the selling price of goods sold in monthly or annual instalments and considerable doubt exists as to collectabili
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