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INCOME SUMMARY ACCOUNT
This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. There is no "normal" balance for this account. This account never appears on financial statements.
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Corporations frequently invest in securities issued by other corporations. Some investments are acquired to secure a favorable business relationship with another company. On the ot
i dont get how it is done
is exploration cost for mining companies regarded as assets or expense?
Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,
I AM HAVING DIFFICULTIES SOLVING ONE PARTICULAR ACCOUNTING PROBLEM
preparing trial balance with balance method
Q. Explain about Accrued assets? Accrued assets are assets such like interest receivable or accounts receivable that haven't been recorded by the end of an accounting period. T
what would be the entry for-"rent recieved in advance"
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