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Q. Define Current assets?
Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating cycle whichever is longer. An operating cycle is the time it takes to begin with cash buy necessary items to produce revenues (such as labour, materials, supplies and/or finished goods) sell services or goods and receive cash by collecting the resulting receivables. Companies in merchandising industries and service industries generally have operating cycles shorter than one year. Companies in some manufacturing industries such like distilling and lumber have operating cycles longer than one year. But since most operating cycles are shorter than one year the one-year period is typically used in identifying current assets and current liabilities. Common current assets in a service business include marketable securities, cash, accounts receivable, notes receivable, interest receivable and prepaid expenses. Note that on a balance sheet current assets are in order of how effortlessly they are convertible to cash from most liquid to least liquid.
State the list of Special journals Purchases - All credit purchases of merchandise Cash Payments - All payments of cash Sales - All credit sales of merchandise
Purpose To assess your ability to: •apply REA ontology concepts to an organization •prepare diagrams for the identification of the flow of data through an organization
How to do a trial Balance Particulars Amount Dr. Amount Cr. In
An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or Fals
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds
Q. Explain about Sales account? In theory sellers could record both sales allowances and sales returns as debits to the Sales account for the reason that they cancel part of th
Problem It is usually recognized that power is an essential component of accountability and that greater accountability is recognized towards those stakeholders who have more p
Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is
We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as
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