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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. Explain about income statement? The income statement, sometimes called as an earnings statement that reports the profitability of a business organization for a stated period
leagl provision of partner ship accounts
State and local income taxes Some states also withhold state income taxes. Texas doesn't. If state withholds taxes, there will be form similar to the federal one to determine t
Q. Show Credit and debit rules for expense? The credit and debit rules for expense and Dividends accounts and for revenue accounts follow logically if you remember that expense
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
How To figure the discount using calculator 1. Be sure that decimal selector is on 2 decimal places 2. Key in amount of the sale 3. Multiply by percent (use the percent key)
Q. Equity segment of a corporate balance sheet? The stockholders' equity segment of a corporate balance sheet can become more complex as you will see later in the text. But the
Illustrate Sales returns.
Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
Q. External users of accounting information? The external users of accounting information grouped into groups; everyone has different interests in the company and wants answers
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