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Q. Define Gains and Losses?
Gains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other transactions and other events as well as circumstances affecting the entity except those that result from revenues or investments by owners.
Losses are diminish in equity net assets from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity except those that result from expenses or distributions to owners.
Buyer's Direct Mills (BDM) Inc. is a century old textile company that takes raw cotton and spins it into cotton yarn. This yarn is in turn purchased by weaving companies which prod
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Management accounting and financial accounting Accounting is generally seen as having two different strands which are: ? Management accounting that seeks to meet accounting
Periodic Review
Q. Underlying assumptions or concepts of accounting? The major underlying assumptions or concepts of accounting are (a) business entity (b) going concern (continuity) (c) money
Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,
Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
Question: You have decided to borrow $20,000 so that you can consolidate the loans you currently have with other lenders. You have agreed to repay the loan in 8 equal semi-annu
Q. What is Articulate? The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided
Compensation for the uncertainties inherent in supply and demand
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