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Adjustments for financial reporting
- Explain the basic characteristics of the cash basis and the accrual basis of accounting.
- Recognize the reasons why adjusting entries must be made.
- Recognize the classes and types of adjusting entries.
- Organize adjusting entries.
- Determine the consequence of failing to prepare adjusting entries.
- Analyze and utilize the financial results and trend percentages.
what are the levels of accounting theory
Acid test ratio = 2.5, current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share holder''s fund = 15,00,000 Stock inventory =? Bank overdraft =? Share capital =
Explain Carriage inwards.
Perpetual and Periodic inventory a) Describe the difference between the perpetual inventory method
Q. What is Operating revenues? Operating revenues are the revenues generated by the main activities of the business- generally the sale of products or services or both.
Periodic Review
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Q. Explain about debits and credits? Accountants utilize the term debit instead of saying place an entry on the left side of the T-account. They utilize the term credit for Pla
Q. What is Sales revenues? The sale of goods takes place between two parties. The seller of the merchandise transfers them to the buyer in exchange for cash or a promise to pay
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