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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.
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b
Q. Neutrality of accounting information? The Neutrality signifies that the accounting information must be free of measurement method bias. The primary concern must be relevance
Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare
What is the implication of applying accounting concepts wrongly?
The magnitude of operating leverage for Perkins Corporation is 3.4 when sales are $100,000, if sales increase to $110,000, profits would be expected to increase by what percent?
Q. Describe about post-closing trial balance? A post-closing trial balance is trial balances taken subsequent to the closing entries have been posted. The only accounts that mu
Which of the following transactions does not involve an exchange of value? a. Payment of a debt b. Purchase of a building on credit c. Borrowing money d. Loss from theft
briefly explain management process
Question Social accounting is a way of calculating and reporting on an organisation's ethical and social performance. It is principally concerned with offering a complementary
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
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