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Explain in brief about the purchases account
keeps a record of cost of merchandise purchased for resale during an accounting period.
Assets are recorded as assets-not purchases.
Accounting information systems' output is required by external and internal users for decision making. you are required to use the following trial balance to prepare financial stat
Management accounting and financial accounting Accounting is generally seen as having two different strands which are: ? Management accounting that seeks to meet accounting
Q. Procedure of recording business transactions? The raw information of accounting is the business transactions. We documented the transactions in section 1 as increases or dec
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
when creating a trial balance, which account balances carry over from previous months
While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine
During the tracking period, 18 March to 21 April 2011, your team is to monitor the performance of the shares and the overall performance of the Australian share-market. Can you ma
paid rent $200 by cash
Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods
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