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Q. Explain about debits and credits?
Accountants utilize the term debit instead of saying place an entry on the left side of the T-account. They utilize the term credit for Place an entry on the right side of the T-account. Debit shortened (Dr.) simply means left side credit shortened (Cr.) means right side therefore for all accounts a debit entry is an entry on the left side while a credit entry is an entry on the right side. Subsequent to recognizing a business event as a business transaction we analyze it to determine its decrease or increase effects on the liabilities, assets, stockholders' equity items, dividends, revenues or expenses of the business. Then we decode these increase or decrease effects into debits and credits.
Prepare a trial balance All account names would be listed in left-hand column. Place the account balance in appropriate debit or credit column for those accounts which have
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
want a question of general jouranal , t account ,traial balance , income statement and balance sheet
#What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?
A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B) If total assets e
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
What is the Fair labor standard act Fair labor standard act (Wages and Hours Law) establishes standards for minimum wages, child labor, overtime pay, required payroll record
Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
Q. Sales Returns and Allowances account? The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned
Why to and by using in journal, trading a/c, p&l a/c and ledger?
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