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Q. Learning objectives of Accounting? Describe and identify the three basic forms of business organizations. differentiate between the three types of activities per
Fixed Assets These are tangible, relatively long-lived items owned through the business. The benefit of these assets is obtainable not only in the accounting period wherein the
Which ratio measures a business' average payment period? A. current ratio B. liquid ratio C. trade payables turnover D. trade receivables turnover
Accounting Concepts: The dual aspect principle has specific relevance to balance sheet. According to this principal, every transaction is concerned as one that has dual ef
In 1973 and independent seven-member full-time Financial Accounting Standards Board (FASB) replaced the Accounting Principles Board. The FASB has published numerous Statements of F
Direct expenses comprise all those expenses incurred in bringing the goods to the place of business or trade or in-production process till the goods are placed in saleable places.
Imputed Interest - If no interest or an unrealistic amount of interest is charged in a salve involving certain kinds of deferred payments, then transaction would be treated as if r
WHAT ARE THE AIMS AND OBJECTIVES IN STUDYING THE IMPACTS OF ACCOUNTING STANDARDS IN THE PREPARATION OF FINANCIAL STATEMENTS
During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of
Dear Sir, I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the comp
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