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Q. Explain Interest revenue?
Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accounting period. Therefore the accounting records normally don't show the interest revenue earned but not yet received which affects the total assets owned by the investor unless the company makes an adjusting entry. The regulate entry at the end of the accounting period debits a receivable account an asset and credits a revenue account to record the interest earned and the asset owned.
State the term - Partnership A partnership exists where at least two individuals carry on a business together with intention of making a profit. Partnerships have much in commo
how to budget for you income
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
Schedule of Accounts Payable Lists the balances of accounts payable ledger, and Accounts Payable controlling account demonstrates the total amount owed to ALL creditors. Th
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Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha
Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
Q. Explain about Accrued liabilities? Accrued liabilities are liabilities not so far recorded at the end of an accounting period. They represent responsibility to make payments
Difference between Income Statement and Balance Sheet Difference between the amounts of the columns in Income Statement and Balance Sheet should be the same amount. Words "Net
Q. What is journal? In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increase
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