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These comprise goods purchased only for production and selling purposes. Goods utilized as assets and not for sale are not comprised in this head. Net purchase is the dissimilarity
1) List every item debited or credited in the Profit and Loss account. 2) Illustrates the difference among Trading Account and Profit and Loss Account. 3) Illustrates t
1. What is a bank? 2. What bank overdraft?
Development of financial accounting standards Several organizations are considerable in the establishment of generally accepted accounting principles (GAAP) for businesses or g
Prepaid Expenses In many conditions, like a custom, some of the item of expenses is generally paid in advance such as rent, taxes, insurance and subscriptions. The rationale of
To establish and implement an accounting system for Trigon Corporation, using MYOB accounting software. Needed: 1. Make and print a suitable chart of accounts in MYOB
Current Liabilities We have studied about liabilities are claims of outsiders against the business. Conversely, these are amounts owed through the business to people who have
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
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
Question 1: Businesses have become increasingly aware of the environmental implications of their operations, products and services. (a) Describe why businesses should be con
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