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1. (a) Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
(b) "Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account." Elaborate and explain why journal is necessary.
What is the implication of applying accounting concepts wrongly?
What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea
Numerous accounting organizations have codes of ethics governing the behaviour of their members. For example both the American Institute of Certified Public Accountants and the Ins
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
On January 1, 2012, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
consumer mind is a black box
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
is accounting is an art or science
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