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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.
Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
identify the income statement account
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting,
Q. Gain and loss recognition principle? The gain and loss recognition principle states that we record gains merely when realized but losses when they first become evident. Ther
Q. Learning objectives of Accounting theory? - Discuss and Identify the underlying assumptions or else concepts of accounting. - Discuss and Identify the main principles of
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
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