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Q. Explain accounting cycle?
Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions. In this section, you as well study the accounting process or accounting that accountants use to prepare those financial statements. This accounting cycle uses financial data such like the records of sales made to customers and purchases made from suppliers. In a systematic manner the accountants analyze record and classify, summarize and finally generate report these data in the financial statements of businesses. As you study this section you will start to understand the unique systematic nature of accounting-the language of business.
Explain the meaning of Payroll Deductions There are numerous deductions taken from an employee's earnings. These are deducted by employer before employee receives a check. D
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
A sweep account is actually a grouping of two or more accounts at a bank. It is useful in managing a steady cash flow among a cash account where scheduled payments are made from an
Nance's Restaurant, a local independent restaurant, is evaluating new point-of-sale (POS) systems and must determine if a new installation is feasible. A new POS installation wou
Notes to financial statements
trial balance as at may 31 19*6 dr cr sales 400000 purchases 350000 sales return 5000 purchases return
stion 8 of 20 5.0 Points Merchandise lists for $5,000 with a trade discount of 10% and terms of 5/30, 3/60, n/90. If the purchaser is invoiced on April 12th and payment is m
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