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Q. Financial statements in European countries?
In a few European countries the financial statements contain secret reserves. These secret reserves occur from a company not reporting all of its profits when it has a very good year. The justification is that the stockholders vote on the amount of dividends they receive every year if all profits were reported the stockholders might vote to pay the entire amount out as dividends. By holding back some profits not merely are the creditors more protected but the company is as well more solvent and has more resources to invest in productive assets. Revenue isn't difficult to define or measure it is the inflow of assets from the sale of goods and services to customers measured by the cash expected to be received from customers. But the crucial question for the accountant is when to record revenue.
Which type of error would cause an entry in the suspense account? A. A page total from the purchases journal was posted as $9780 rather than the correct figure of $9870. B. C
XYZ Technology had $640,000 of retained earnings on December 31, 2010. The company paid common dividends of $50,000 in 2010 and had retained earnings of $500,000 on December 31, 20
Q. Starting inventory and net cost of purchases? Hanlon's start inventory (USD 24000) plus net cost of purchases (USD 166000) is equivalent to cost of goods available for sale
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A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders'
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I need help with accounting 205 week four assignment
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 pu
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