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Determine the concept of Closing entries-(REID)
1) Close Sales account and other income statement accounts with credit balances to Income Summary.
2) Close each expense account and other income statement accounts with debit balances to Income Summary account.
3) Close Income summary account to owner's capital account.
4) Close the Drawing account to capital account.
What is Beer direct materials and raw materials? Raw materials are the basic materials and parts that are to be used in the manufacturing process Raw materials that can be ph
Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys
Determine the term - Working capital and current ratio Determining these ratios would help a business determine if will have enough capital to operate and can meet their debts.
Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
WHAT ARE THE CHARACTERISTICS OF ASSETS
Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou
where dose inventory changes aper on the balance sheet
The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below. On April 1, 2010, the
Q. Interest rate implied in cash discounts? Interest rate implied in cash discounts to decide whether you should take benefit of discounts by using your cash or borrowing makes
Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv
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