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Q. A prior period adjustment that corrects income of a prior period requires that an entry be made toa. an income statement account.b. a current year revenue or expense account.c. the retained earnings account.d. an asset account.
I've tried everything im just really lost. I have to enter into T accounts. Common stock $5 stated value (900,000 shares authorized, 620,000 shares issued)................. $3,100,
Format of the Balance Sheet It shows the financial position of the company as at the end of a given financial period. The standard requires that assets and liabilities should b
TRUST ACCOUNTS (a) Object of trust accounts : To demonstrate that the trust funds have been applied in accordance with the trust instrument; To give details of tra
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Mr. Inherits 30000. Decides to open a salon jj salon. On 1/4/2016 commits 10000 to the business Opens an a/c in the bank What will be the money under capital in his books on 1/4/10
Preparation of cashflow statements IAS 7 recommends that the cashflow statement can be prepared using two methods:- I) Direct method Whereby, cash from operations is deter
The opening entries 1. Assets of the estate or trust In both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Ca
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A parent has had a controlling interest of 60% in its subsidiary for a number of years. Below are financial statement extracts of the two companies for the year ended 30 June 20
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