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Q. Define Current assets?
Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating cycle whichever is longer. An operating cycle is the time it takes to begin with cash buy necessary items to produce revenues (such as labour, materials, supplies and/or finished goods) sell services or goods and receive cash by collecting the resulting receivables. Companies in merchandising industries and service industries generally have operating cycles shorter than one year. Companies in some manufacturing industries such like distilling and lumber have operating cycles longer than one year. But since most operating cycles are shorter than one year the one-year period is typically used in identifying current assets and current liabilities. Common current assets in a service business include marketable securities, cash, accounts receivable, notes receivable, interest receivable and prepaid expenses. Note that on a balance sheet current assets are in order of how effortlessly they are convertible to cash from most liquid to least liquid.
Question: Part A: Briefly explain the term "depreciation" and give three reasons why do we need to provide for depreciation on fixed assets during a financial year. Part
Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i
owner got personal loan from his bank and sign note payable.what is the journal entries?
basic methods for calculating depreciation
Suppose you want to have $5,000 saved at the end of five years. The bank will pay 2% interest on your money. How much would you have to deposit today to have the $5,000 you want
Full form= Winter compensation from contributions.
Q. Explain about Cost of goods sold? Cost of goods sold is the main expense in merchandising companies. Note the cost of goods sold segment of the classified income statement i
#Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculatio
SALES DISCOUNTS AND CASH RECEIPTS JOURNAL SALES DISCOUNTS Sales discount is recorded as a reduction in sales revenue. CASH RECEIPTS JOURNAL Source documents: ca
What is the implication of applying accounting concepts wrongly
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