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Establishing the Change Fund
Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Petty Cash fund.
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its
Q. What is current ratio in terms of accounting? The current ratio specifies the short-term debt-paying ability of a company. To find the current ratio we divide current assets
using the break-even equations to solve for price and variable cost per unit andromeda company's break-even point is 2,400 units. variable cost per unit is $42; total costs are 6
owner got personal loan from his bank and sign note payable.what is the journal entries?
Criticisms against setting of Accounting Standards: 1. Setting of Standards may occasionally control the type of treatment of definite items. 2. They may generat
Earned service revenue and received cash As its first transaction in July Metro performed deliverance services for customers and received USD 4800 cash. This transaction improv
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
Q. Effects of failing to prepare adjusting entries ? Failure to organize proper adjusting entries causes net income and the balance sheet to be in error. You are able to see the
Q. Share-based payment transactions? The fair value accounting standard SFAS 157 applies to monetary assets of all publicly-traded companies in the US as of 2007 Nov. 15. It as
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