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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 added to net purchases to appear at net cost of purchases. An adjunct account is closely interrelated to another account (Purchases in this example) as well as its balance is added to the balance of the related account in the financial statements. Recall that a contra account is immediately the opposite of an adjunct account. Buyers deduct a contra account such like accumulated depreciation from the related fixed asset account in the financial statements.
Why it is important for independent auditor to be a member of a professional body?
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
What is the accounting equation?
Q. Learning objectives of current ratio? - Analyze the transactions by examining source documents. - Journalize the transactions in the journal. - Post the journal entrie
Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense
untangible assets
does immaterial items have to be recorded
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider
started in business with cash 16,000
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