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ACCOUNTING STANDARDS
An Accounting Standard is a elected set of accounting policies or broad strategies concerning the principles and methods to be elected out of numerous substitute for communication of financial information to a variety of interested parties. They may narrate to a variety of aspects of measurement, treatment, disclosure and presentation of accounting transactions and events. Standards match to applicable customs, usage, laws, and business environment.
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
Q. What is Net realizable value? Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of a
The Kauai Surf Company sells high-end surfboards to tourists. The inventory is purchased from a manufacturer in Honolulu.
What is the implication of applying accounting concepts wrongly
accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables
How to setup T accounts
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
Wings Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative 1%, preferred stock of $40 par, and 50,000 shares of $120 par common. Durin
profit
Q. Example of Net purchases? Only the description would change. If Hanlon had previously paid the account the debit would be to Cash instead of Accounts Payable ever since Hanl
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