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Q. Balance Sheets of a limited company are shown in figure as on 31 st December, 2008 and 2009: Taking into account the following additional information, give a statement
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
Pro forma Financial Statements In accounting, a financial statement in which the amounts begin are fully or partially estimates; from the Latin for "as a matter of form."
I purchased equipment for 3,000 but only paid 1,000 of it and put rest of it on an account. how would I put that into a asset=liabilities+ owns equity equation?
Q. Show Transactions affecting the income statement? To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and
Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv
Q. Effects of failing to prepare adjusting entries ? Failure to organize proper adjusting entries causes net income and the balance sheet to be in error. You are able to see the
Accounting Errors-Transaction Errors How would the following errors affect the account balances and the basic accounting equation, Assets = Liabilities + Owners' Equity? How do the
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