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Q. Classes and types of adjusting entries?
Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate items. Deferred items consist of adjusting entries relating data previously recorded in accounts. These entries engross the transfer of data previously recorded in asset and liability accounts to expense and revenue accounts, respectively. Accrued items consist of regulate entries relating to activity on which no data have been previously recorded in the accounts. These entries engross the initial or first recording of assets and liabilities and the related revenues and expenses.
Q. What do you mean by Not-for-profit organizations? Not-for-profit organizations such like charities, fraternities, churches, and universities need accountants to record and a
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $75
Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu
1. Describe the following with detailed example: i. Wealth Maximization ii. Profit maximization 2. Describe the functions and limitations of accounting. 3. Prepare a deta
An accounting is a service function. The main accounting executive through whatever name he is termed as holds a staff position except inside his own department where he exerts aut
Q. What is Accounts receivable? Accounts receivable as well called trade accounts receivable are amounts owed to a business by customers. An account receivable occurs when a co
the long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use?
Explain the term- CASH SHORT AND OVER This account is used to record both a shortage and overage of cash in cash drawer. When change is made during a business day, mistakes can
What is the Fair labor standard act Fair labor standard act (Wages and Hours Law) establishes standards for minimum wages, child labor, overtime pay, required payroll record
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
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