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Q. Explain about Accounting period?
As those interested in the activities of business need timely information companies must prepare financial statements periodically. To organize such statements the accountant divides an entity's life into time periods. These time periods are habitually equal in length and are called accounting periods. An accounting period may be one month or one quarter and one year. An accounting year or a fiscal year is an accounting period of one year. A fiscal year is a few 12 consecutive months. The fiscal year may perhaps or may perhaps not coincide with the calendar year which ends on December 31. As we illustrate in Exhibit 15, 63 percent of the companies examined in 2004 had fiscal years that coincide with the calendar year. In 2008 the similar figure for publicly-traded companies in the US was 65 percent. Companies in certain industries habitually have a fiscal year that differs from the calendar year. For instance many retail stores end their fiscal year on January 31 to avoid closing their books during their peak sales period. Other companies choose a fiscal year ending at a time when inventories and business activity are lowest.
Q. Show Employment opportunities in accounting? Throughout the last half-century accounting has gained the same professional status as the medical and legal professions. At pre
on 1st july,2008,machinery purchased rs10,000 for cash from bhim.give journal entry and prepare ledger accounts.
paid rent $200 by cash
Importance of The bank statement Bank sends out bank statements each month. It's significant that this statement and checking account balance balances. There are certain items
Q. Define Operating expenses? Operating expenses for a merchandising company are those expenses other than cost of goods sold incurred in the usual business functions of a comp
Q. What is Passage of title in transpotation? Passage of title is a term that point to the transfer of the legal ownership of goods. Title to the goods usually passes from sell
Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed. ? Enter the J
Q. In between FIFO and lifo which one is the correct method? The differences for the four methods take place because the company paid different prices for goods purchased. No d
using the break-even equations to solve for price and variable cost per unit andromeda company's break-even point is 2,400 units. variable cost per unit is $42; total costs are 6
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
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