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Accounting Errors-Transaction ErrorsHow would the following errors affect the account balances and the basic accounting equation,Assets = Liabilities + Owners' Equity? How do the misstatements affect income?a. The purchase of a truck is recorded as an expense instead of an asset.b. A cash payment on accounts receivable is received but not recorded.c. Fictitious sales on account are recorded.d. A clerk misreads a handwritten invoice for repairs and records it as $1,500 instead of $1,800.e. Payment is received on December 31 for the next three months' rent and is recorded asrevenue.
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
it wont balance
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
what the accounts maintained in retail business
Accounting information systems' output is required by external and internal users for decision making. you are required to use the following trial balance to prepare financial stat
Criticisms against setting of Accounting Standards: 1. Setting of Standards may occasionally control the type of treatment of definite items. 2. They may generat
The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is liable to pay any FBT and may decide to recover the FBT amount from th
Q. What is the use of balance sheet? Balance sheet -- a statement of the financial position of a company at a single specific time(often at the close of business on last day
Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays
Accounting process in operation Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The compa
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