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Current Assets
These are assets that will normally be converted in cash within a year or inside the operating cycle. The operating cycle is the duration in time considered by a unit to convert raw material in finished goods, in addition time to sell it and at last, plus time to get cash from debtors to whom goods are sold. For example, in a simple trading operation, we use cash to buy merchandise and sell it to recover cash. The operating cycle wherein a situation will consist of the period for that, merchandise inventory and receivables are held. The cycle begins with cash and ends along with the collection of cash. Current Assets are liquid and current liabilities can be met from the realization of them.
Objectives of final accounts describe Final Account; know their objectives and preparation of Trading and Loss and Profit Account; find out the difference among Trad
a.Compute the number of preferred shares that were issued during 20X6, which is Preferred stock, $100 par value, 10% $580,000 $500,000
These are assets or things of value without physical dimensions. They cannot be touched; they representing intrinsic value without material being and they are incorporeal. One of t
The term goods refer to articles that are traded through the firm articles bought for resale. For illustration, for book seller, books are goods, for an electrical store fans, fo
assignments
The subsequent items are debited in the profit and loss account as: 1. Administrative expenses comprising office salaries, office lighting, office rent, printing, director's fee
Loss and Profit Account is prepared so as to discern whether the firm has made net profit or suffered net loss for a specified accounting period. Such account deals along with indi
The American Accounting Association is one of the accounting organizations discussed later in this Introduction it defines accounting as "the process of measuring, identifying, and
If I sold aan asset before its matured perid what will be it''s Depreciation schedule?
#questionThe book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were
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