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Q. Explain about Manufacturing companies? Manufacturing companies purchase materials convert them into products and then sell the products to other companies or else to the fin
Two friends, Joe and Bill, both have carpentry skills and decide to go into business as partners together ?tting kitchen cabinets. Joe's uncle has agreed to provide £20,000 of capi
Why it is important for independent auditor to be a member of a professional body?
Paid salaries to sales clerks
Q. Importance of proper inventory valuation? A merchandising company is able to prepare accurate statements of retained earnings, income statements and balance sheets only if i
Reliable information is essential before decision makers can make a sound decision involving the allocation of scarce resources. Accounting information is precious because decision
Numbers and measurements are the language of business. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc. What measures does your department
Write notes on 5 modern accounting techniques
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
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