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Question 1 Briefly explain the functions of accountingQuestion 2 Explain the three branches of accountingQuestion 3 What is single entry system? What are the advantages and disadvantages of Single entry system?Question 4 Briefly explain the types of business transactionQuestion 5 What do you mean by Bank reconciliation statement?Question 6 What are the different classifications of error?Question 7 How do you rectify the error?Question 8 Briefly explain the characteristics of Bill of exchange
The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t
Two techniques of accounting for inventory are perpetual inventory procedure and periodic inventory procedure. Under perpetual inventory procedure the inventory account is constant
format
Cost sheet is sheet Where all the cost should be recorded which related to the produc.
Q. What is Comprehensive income and Revenues? Comprehensive income is the alter in equity of a business enterprise during a period from transactions and other events and circ
Corporations are subject to specific corporate tax rates different from those for individuals. True False
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
Q. Show double-entry procedure or duality? In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we deb
Compensation for the uncertainties inherent in supply and demand
Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and
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