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Q. Describe about Borrowed money?
The company lent USD 6000 from Chaney's father. Chaney signs the note for the company. The note turn off no interest and the company promised to repay recorded as a note payable the amount borrowed within one year. Subsequent to including the effects of this transaction the basic accounting equation is
what is meaning by parallel accounts
Q. Describe about Fixed Assets? Fixed Assets can't be quickly turned into cash without interfering with business operations.Fixed assets comprise buildings, land, machinery, fu
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
Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of
State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat
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
The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code has b
ABC Company uses cash basis accounting for its records. During 2010, ABC collected $400,000 from its customers, made payments of $300,000 to its suppliers for inventory, and paid
Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of
A sweep account is actually a grouping of two or more accounts at a bank. It is useful in managing a steady cash flow among a cash account where scheduled payments are made from an
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