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Q. Describe about ledger?
A ledger (general ledger) is the absolute collection of all the accounts of a company. The ledgers are feasibly in a bound volume in, loose-leaf form or in computer memory. Accounts plunge into two general groups (a) balance sheet accounts (assets, liabilities, and stockholders' equity) and (b) income statement accounts (revenues and expenses). The terms permanent accounts and real accounts as well refer to balance sheet accounts. Balance sheet accounts are real accounts for the reason that they aren't sub classifications or subdivisions of any other account.
They are permanent accounts for the reason that their balances are not transferred (or closed) to any other account at the end of the accounting period. Dividends accounts and the account Income statement are nominal accounts for the reason that they are merely sub classifications of the stockholders' equity accounts. Nominal literally indicates that ‘in name only'. Nominal accounts are as well called temporary accounts because they temporarily contain revenue expense and dividend information that is transferred (or closed) to the Retained Earnings account at the end of the accounting period.
can a buyer still avail the 2% discount if he/she partially paid the accounts receivable at the 5th day and the full payment is on the 10th day of the given discount period in th
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Q. Explain about Going-concern concept? Except strong evidence exists to the contrary accountants assume that the business entity will continue operations into the indefinite
20 hypothetical inventory transactions both sale and purchase
WHAT IS ACCOUNTING
Determine the proposal's appropriateness and economic viability. For all scenarios, assume spending occurs on the first day of each year and benefits or savings occurs on the las
My assignment was due to me by 9:52 my time.
What are the issues related with Accounts receivable? Ans) As the Accounts Receivable, you will: ? Oversee and determine all issues related to cash application to make sure
Q. Gain and loss recognition principle? The gain and loss recognition principle states that we record gains merely when realized but losses when they first become evident. Ther
a 50 petty cash fund has cash of 20 and valid receipts for 40. The entry to replenish the fund would include a
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