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Q. Classes and types of adjusting entries?
Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate items. Deferred items consist of adjusting entries relating data previously recorded in accounts. These entries engross the transfer of data previously recorded in asset and liability accounts to expense and revenue accounts, respectively. Accrued items consist of regulate entries relating to activity on which no data have been previously recorded in the accounts. These entries engross the initial or first recording of assets and liabilities and the related revenues and expenses.
The range of accounting can be presented in a diagrammatic form. Data collection and creation is the area that provides raw material for accounting. The data collecte
#questiSean Corp. issued a $60,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end of the
Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac
Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10
Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas
Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo
The resources as machinery, property, buildings and land rights etc. such a business owns are termed as assets. The money values allocated to assets are derived from the cost conce
Mr. Horace, aged 25, has $25,000 cash to invest for his retirement. In addition, he plans to save and invest $8,000 per year (at the end of every year) for the next 40 years, at wh
What is Payroll record keeping Employer should maintain payroll records which will supply the name, social security number, address, gross earnings for every payroll, period o
Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou
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