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Accounting process in operation
Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The company tenders beginning through advanced training with convenient scheduling. A small convoy of trucks transports personnel and teaching supplies to the clients' sites. The company lease a building and is responsible for paying the utilities.
We exemplify the capital stock transaction that occurred to form the company (in November) and the first month of operations (December). The accounting process utilized by this company is similar to that of any small company. The ledger accounts utilized by Micro Train Corporation are
Notice the gaps absent between account numbers (100, 103, 107, etc.). These gaps permit the firm to later add new accounts between the existing accounts.
Explain the Recording employer's payroll taxes Debited to an expense account-Payroll Tax Expense. Credited to individual Tax Payable accounts These amounts are then sent
1) A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assu
Concept of Flow of Funds : It refers to the 'Change in Funds' or 'Change in Working Capital'. That is, any increase or decrease in Working Capital. In business, daily, numerous t
Q. Explain about Money measurement concept? Money measurement concept. Economic activity is primarily recorded and reported in a common financial unit of measure the dollar in
Q. What is Estimated useful life? The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measure
Q. Example on completion method? Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percen
Q. Inventories and revenue recognition? Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determi
Accountants and others are able to access the home pages of companies to find their annual reports and other information home pages of CPA firms to find employment opportunities an
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
A company uses 85 circuit boards a day in a manufacturing process. The person who orders the boards follows this rule: Order when the amount on hand drops to 625 boards. Orders are
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