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Q. Completing the accounting cycle?
Subsequent to studying this chapter you should be able to
- Recapitulate the steps in the accounting cycle.
- Organize a work sheet for a service company.
- Organize an income statement, balance sheet and statement of retained earnings using information contained in the work sheet.
- Prepare closing and adjusting entries using information contained in the work sheet.
- Organize a post-closing trial balance.
- Describe the progress of accounting systems.
- Organize a classified balance sheet.
- Analyze and utilize the financial results the current ratio.
A company has been depreciating its IT equipment over 5 (five )years, but now finds that it is becoming obsolete in 3 years. What does the consistency principle allow the comp
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Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
what is the BRS
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
Q. Example on completion method? Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percen
They are likely to tests for tact, diplomacy, and with descriptive skills.
Q. Illustrate a sales cycle of company? When exploratory a company's management, sales cycle and users of financial data must be aware of any seasonal changes that may affect i
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Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
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