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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.
Q. Explain about full disclosure principle? The full disclosure principle states that information significant enough to influence the decisions of an informed user of the finan
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
Q. Explain about cash discount? In a few industries credit terms include a cash discount of 1 percent to 3 percent to induce untimely payment of an amount due. A cash discount
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equip
with help of illustrations,comment on final accounts
Q. Define about Assets and Liabilities? Assets are feasible future economic benefits obtained or controlled by a particular entity as a result of past events or transactions.
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On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
Which error will cause a trial balance not to balance? A an invoice entered as a credit note on original input. B a journal entry that does not balance. C a transaction entere
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
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