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Difference between Income Statement and Balance Sheet
Difference between the amounts of the columns in Income Statement and Balance Sheet should be the same amount. Words "Net Loss" or "Net Gain" will be entered in left column showing the position of company at the end of the accounting period.
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
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
Q. What do you mean by Capitalize? Capitalize -- to capitalize means to record an expenditure on balance sheet as an asset,to be amortized over the future. Opposite is to expen
what are the implications of applying accounting concepts wrongly
Research the major funds of your state or local government and nonprofit organizations. • What are the major funds of your state or local government, and how do they differ in n
Accounting conventions The phrase 'convention' is used to signify customs or ethnicity as a guide to the research of accounting statements. A variety of accounting conventions
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types of legancies
When a not-for-profit facility receives a contribution from a member of the community, the cost of the capital is inconsequential when deciding how to use the contribution, becau
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
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