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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 for a service company.
- Organize an income statement, balance sheet and statement of retained earnings using information contained in the work sheet.
- Prepare closing and adjusting entries using information contained in the work sheet.
- Organize a post-closing trial balance.
- Describe the progress of accounting systems.
- Organize a classified balance sheet.
- Analyze and utilize the financial results the current ratio.
Write the difference between budget & budgeting? Ans) An estimation of the revenue & expenses over a specified future period of time. A budget can be made for a person, family,
Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at
Q. What do you mean by unearned revenue? A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash
application/realization in history of accounting
Verify the amount to be paid within the discount period for purchase with an invoice price of $7,745, subject to credit terms of 2/10, n/30.
Q. Purpose of adjusting entries? In this section we exemplify each of the four types of adjusting entries asset/expense liability/revenue, asset/revenue and liability/expense.
paid rent $200 by cash
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
base-case NPV
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