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Q. Can you explain about Liabilities?
Liabilities -- amounts owed by a company to others. Current liabilities are those amounts duewithin one year or less and generally include accounts payable, loans, accruals due to be paidwithin a year, taxes due within a year and so on. Long-term liabilities generally include theamounts of mortgages, bonds and long-term loans which are due more than a year in the future.
Explain the process involved in accounting
Explain What do you recognized by Open Item Managed Account? Ans) Open item management make sure that all items that have not yet been cleared are available in the system. Only
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every
Cross indexing is made up
Under both GAAP and tax depreciation, an asset cannot be depreciation until it has been
Q. Explain business entity concept? Suppose for instance that you own two businesses 1) a physical fitness centre and 2) a horse stable. As per to the business entity concept y
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
Q. What is Asset cost and Estimated residual value? Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset. Estimated residual value:
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
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