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types of assests with example, Accounting Basics
what are the types of assests
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Explain accounts payable, Q. Explain Accounts payable? Accounts payable...
Q. Explain Accounts payable? Accounts payable are amounts owed to suppliers meant for goods or services purchased on credit. Accounts payable are usually due in 30 or 60 days a
Explain about closing process, Q. Explain about closing process? Expens...
Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
Parrale account, what is meaning by parallel accounts
what is meaning by parallel accounts
Demonstrate perpetual inventory procedure, Q. Illustrate perpetual inventor...
Q. Illustrate perpetual inventory procedure? Data from Exhibit serves like the basis for some of the entries. You would debit the Merchandise Inventory account to record the en
Cross indexing is made up, Cross indexing is made up
Cross indexing is made up
What is sales discounts account, Q. What is Sales Discounts account? Th...
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
Institute of management accountants, The Institute of Management Accountant...
The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
What are the golden rules of accounts, Personal accounts --> Debit the bene...
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
A firm has $200, A firm has $200,000 in total assets and $120,000 in owner'...
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
Ryan''s express has total credit sales for the year, Ryan's Express has tot...
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
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