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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.
Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called
Q. Preparing a separate trial balance? As an alternative of preparing a separate trial balance as accountants uses the Trial Balance columns on a work sheet. The numbers and ti
There are over 5,000 banks in the United States-more than 10 times the number per person than in other industrialized countries. A recent study suggests that the long-run average c
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
1. Double declining method 2. Units of production method 3. Sum of year digit method 4. Straight-line method Depreciation Fund Method Insurance Method Annualy Method
Q. Describe about chain discount? Occasionally the list price of a product is subject to several trade discounts this series of discounts is a chain discount. Chain discounts s
In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer during the year. Assume that variable costs were 75% of the cost of goods sold and 40% of selling,
Treasurer: He is the custodian arid manager of each cash and near-cash resources of the firm. The treasurer arranges credit reviews and sets policy for collecting receivables as d
Q. What is Unbilled training fees? A company may possibly perform services for customers in one accounting period while it bills for the services in a different accounting peri
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