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Q. Define the accounting process ?
The accounting process offers financial data for a broad range of individuals whose objectives in studying the data vary widely. Bank officials for instance it may study a company's financial statements to evaluate the company's ability to repay a loan. Prospective investors may perhaps compare accounting data from several companies to decide which company represents the best investment. Accounting as well supplies management with significant financial data useful for decision making.
Reliable information is essential before decision makers can make a sound decision involving the allocation of scarce resources. Accounting information is precious because decision makers are able to use it to evaluate the financial consequences of various alternatives. Accountants eliminate the requirements for a crystal ball to estimate the future. They are able to reduce uncertainty by using professional judgment to quantify the future financial impact of taking action or delaying action.
Enumerate the fundamentals of financial accounting information Frame works and principles which have been developed try to address fundamental questions like: ?Who are user
Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009: Sales revenue for the year $30
Q. How does asset cash increase? An asset cash increases (debited) as well as a liability unearned service revenue increases (credited) by USD 4500. The credit is to Unearned S
#questiSean Corp. issued a $60,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end of the
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Corporations are subject to specific corporate tax rates different from those for individuals. True False
“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.
Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha
The advent of management accounting was the subsequently logical step in the developmental method. The practice of utilizing accounting information like a direct aid to management
tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather
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