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An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liability that may occur if a future event occurs. 4. Is not recorded until the amount is known for certain.
Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called
Q. What is matching principle? Expense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle. The matching principle sta
What is the implication of applying accounting concepts wrongly?
how to find profit income from bank?
on 1st july,2008,machinery purchased rs10,000 for cash from bhim.give journal entry and prepare ledger accounts.
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
what is meaning by parallel accounts
State about the Reporting sales taxes collected SALES TAX PAYABLE - CREDIT BALANCE SALES RETURNS INVOLVING A SALES TAX Tax should also be returned to the customer.
owner invested 80000 cash and 2000 office equpmeent in to the business bank account
when creating a trial balance, which account balances carry over from previous months
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