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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.
Liabilities are feasible future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past events or transactions.
Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate
Q. Describe about Cash role in balance sheet? Cash includes deposits in banks obtainable for current operations at the balance sheet date plus cash on hand consisting of un-dep
Q. Financial accounting versus managerial accounting An accounting information system offers data to help decision makers both outside and inside the business. Decision makers
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery Truck
Accounting Principles are the rules and guidelines that companies should follow when reporting and accounting financial data. The general set of accounting principles are the gener
How to calculate the postretirement expense
Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r
Consider the following 2008 data for Newark General Hospitals (in millions of dollars Simple Budget_______Flexible Budget_ Actual Budget__ Revenue______$4.7$____4.8_____$4.5____.
The fundamental concepts, discussed in the previous paragraphs, are the core components in the theory of accounting. Such concepts as postulates or conventions, although, permit a
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