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Q. What is Cyclic reporting?
Cyclic reporting and the matching principle necessitate the preparation of adjusting entries. Adjusting entries are journal entries prepared at the end of an accounting period or at any time financial statements are to be prepared to bring about a proper matching of expenses and revenues.
Q. Explain about stable dollar assumption? In the United States accountants make one more assumption regarding money measurement that the stable dollar assumption. Under the st
Q. Relevance information to financial reporting? To have relevance information should be pertinent to or affect a decision. The information should make a difference to someone
Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise
what is the accounting concepts and conventions? and what is the procedure to follow the accounting formats
Q. Example of work sheet for a merchandising company? Lyons Company is a tiny sporting goods firm. The illustration for Lyons Company focuses on merchandise-related accounts. T
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
Write notes on 5 modern accounting techniques
What is Internal control - Control of cash Internal control refers to procedures and methods a business uses to protect its assets. Checks are written for all transactio
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