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Consumers and others: Consumers' organizations, welfare organizations, media and public at huge are also interested in condensed accounting information so as to appraise the efficiency and social responsibility of the enterprises in various sectors of the economy, that are: what levels of profits and outputs are being attained, in what manner the social responsibility is being discharged and in what way the growth is being planned through the enterprises in-accordance along with the national priorities and so on.
The above discussion perhaps has pointed to you that the information requirements of the various users may not essentially be the same. Occasionally, they may even conflict and done with each other. In any condition, the objective of accounting information is to enable information users to create optimum decisions.
Unlike a rigid commitment providing where a price is set and a fixed monetary amount is predictable, the underwriter makes its best efforts to sell as many shares as likely at the
the terms debit and credit are synonymous with left and right.
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
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
Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)
what are the implications of applying accounting concepts wrongly
A bank statement showed an overdraft of $750. A cheque issued in payment of rent for $570 had not been presented, and a cheque for $624 received was omitted from the statement. The
1. Listed below are account balances taken from the adjusted trial balance of XYZ Inc. as of December 31, 2012. Credit Account
Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co
1. For each of the following accounting assumptions/principles, explain a business transaction: (a) Accounting Entity Assumption (b) Going Concern Assumption (c) Matching Prin
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