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Governmental agencies at the state, federal, and local levels employ governmental accountants. Habitually the duties of these accountants relate to tax revenues and expenditures. For instance Internal Revenue Service employees use their accounting backgrounds in reviewing tax returns and investigating tax fraud. Government agencies that control business activity such like a state public service commission that regulates public utilities e.g. Telephone Company, electric company generally employ governmental accountants. These agencies often utilize governmental accountants who can review and evaluate the utilities' financial statements and rate increase requests. As well FBI agents trained as accountants find their accounting backgrounds useful in investigating criminals involved in illegal business activities such like drugs or gambling.
Q. Show Sales returns and allowances? Sales returns and allowances Merchandising companies typically permit customers to return goods that are defective or unsatisfactory for a
THE BALANCE SHEET CONCEPTS According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the c
Q. Define Non-operating revenues? Non-operating revenues or other revenues and non-operating expenses or other expenses are revenues and expenses not related to the sale of pro
Q. What is transposition or slide error explain? When the trial balance doesn't balance try re-totalling the two columns. If this step doesn't locate the error divide the diffe
Q. What is Income Summary account? The Income Summary account is a clearing account used merely at the end of an accounting period to summarize revenues and expenses for the pe
Liquidity Ratios (Short Term Solvency Ratios): These Ratios calculate the capability of the firm to meet its current obligations. They point out whether the firm has enough li
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Corporations are subject to specific corporate tax rates different from those for individuals. True False
The advent of management accounting was the subsequently logical step in the developmental method. The practice of utilizing accounting information like a direct aid to management
Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
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