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Q. Explain about Accounting transaction?
An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabilities + Stockholders' equity. A trade of cash for merchandise is a transaction. The exchange occurs at an agreed price that provides an objective measure of economic activity. For instance the objective measure of the exchange may be USD 5000. These two factors measurement and evidence make possible the recording of a transaction. Only placing an order for goods isn't a recordable transaction because no exchange has taken place.
After going through this section, you should be capable to: Appreciate the needs for a conceptual framework of accounting; understand and appreciate the Generally Accept
differenciate between a cash book and a ledger
Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a
Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
What are the issues related with Accounts receivable? Ans) As the Accounts Receivable, you will: ? Oversee and determine all issues related to cash application to make sure
"Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the
Purpose To assess your ability to: •apply REA ontology concepts to an organization •prepare diagrams for the identification of the flow of data through an organization
Q. Show Journalizing adjusting entries? Subsequent to completing Micro Train's financial statements from the work sheet you should enter the adjusting entries in the general jo
at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is
Q. What do you mean by bookkeeping? Accounting is frequently confused with bookkeeping. Bookkeeping is a mechanical procedure that records the routine economic activities of a
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