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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.
Q. Example of adjusting entries? Regulate entries bring the amounts in the general ledger accounts to their proper balances before the company prepares its financial statements
The two fundamental sources of equity in a company are stockholders and creditors their combined interests are called total equities. To discover the equity ratio divide stockholde
#How to make journal entries?
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at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is
An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or Fals
Q. Explain Financial accounting information? A Financial accounting information is precedent in nature that reporting on what has happened in the past. To facilitate comparison
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