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Forms of business organizations
Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organization such like a hardware store or grocery store that exists as an economic unit. For accounting purpose every business organization or entity has an existence separate from its owner(s), employees, creditors, customers and other businesses. This separate survival of the business organization is known as the business entity concept. Therefore in the accounting records of the business entity the activities of each business must be kept separate from the activities of other businesses and from the personal financial activities of the owner(s).
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Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
Depreciation on an Motor Vehicle of 5,000,000
As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting,
Do you enjoy college life? Do you enjoy teaching others? If therefore you might want to consider a career as a college professor. Even though a position as a college professor may
Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i
Though the results of the operations of an exact enterprise can be termed as precisely only after the business has ceased to control, its assets have been sold off and responsibili
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Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
Q. What do you mean by Equities? Assets were described earlier as the things of value owned by the business or the economic resources of the business. Equities are every claims
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