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Q. What is journal?
In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increases and decreases in that account. Therefore all the effects of a single business transaction wouldn't appear in any one account. For illustration the Cash account contains only data on changes in cash and doesn't show how the cash was generated or how it was spent. To comprise a permanent record of an entire transaction the accountant uses a book or record known as a journal.
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
Q. Explain about Accrued liabilities? Accrued liabilities are liabilities not so far recorded at the end of an accounting period. They represent responsibility to make payments
Sales taxes and Schedule of accounts receivable Schedule of accounts receivable Accounts Receivable and individual accounts should match. Only accounts which have
Q. Advantage of a pre-inventory sale? Have you still taken advantage of a pre-inventory sale at your favourite retail store Many stores offer bargain prices to decrease the mer
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
Q. Explain about full disclosure principle? The full disclosure principle states that information significant enough to influence the decisions of an informed user of the finan
Q. What is dividend? One idea of the statement of retained earnings is to connect the income statement and the balance sheet. The statement of retained earnings describes the c
Q. Show Tax benefits of LIFO? Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal R
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