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Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
Q. Illustrate a simple accounting system? James Stevens was captivating an accounting course at State University. as well he was helping companies find accounting systems that
The conventions and rules of accounting are commonly termed as the conceptual framework of accounting. Along with any discipline or body of knowledge, several underlying theoretica
How the use of different accounting policies affect the financial performance of different entities operating within the same industry
what is the accounting concepts and conventions? and what is the procedure to follow the accounting formats
State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one
Q. Explain about Trial balance? Trial balance -- at the close of an accounting period, transactions posted in the ledger areadded up. A trial or test balance sheet is prepared
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
THE BALANCE SHEET CONCEPTS According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the c
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