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Determining needed adjustments
Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consumed in a business, and thus its cost gradually becomes an expense. Depreciation of long-term assets and unpaid salaries.
The new adjustment for a merchandising business is Merchandise Inventory.
Upper D minus Mobile Wireless needed additional capital to? expand, so the business incorporated. The charter from the state of Georgia authorizes Upper D minus Mobile to issue
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
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
One of the companies for which you provide accounting services offers office cleaning services and has 8 customers. Cleaning services are provided in the evenings, Sunday throu
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
WHO PREPARES A TRADING ACCOUNT AND WHY?
Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason
Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
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