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1. Describe the following with detailed example:
i. Wealth Maximization ii. Profit maximization
2. Describe the functions and limitations of accounting.
3. Prepare a detailed note on ratio analysis and its classifications.
Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
Q. Learning objectives of current ratio? - Analyze the transactions by examining source documents. - Journalize the transactions in the journal. - Post the journal entrie
A firm is evaluating two machines. The first costs $250,000 and will require annual maintenance of $30,000 per year for 10 years. At the end of 10 years, the salvage value will b
how do i prepare a multilevel and single step income statement
Determine the terms of Recording sales of merchandise The SALES ACCOUNT is a temporary account with a normal credit balance. It's ONLY used to record sale of merchandise on
A company pays rates annually/yearly in advance on 1 April every year. $4000 is paid by them on 1 April 2009 and $4800 on 1 April year 2010. The company's accounting year end is 31
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
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