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Q. Explain about Accrued liabilities?
Accrued liabilities are liabilities not so far recorded at the end of an accounting period. They represent responsibility to make payments not legally due at the balance sheet date such as employee salaries. By the end of the accounting period the company recognizes these obligations by preparing an adjusting entry including both a liability and an expense. For this motive we as well call these obligations accrued expenses.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Assorted fund, a U.K.-based globally diversified equity mutual fund, is considering adding Talisman Energy Inc. (Toronto Stock Exchange: TLM) to its portfolio. Talisman is an indep
briefly explain the accounting concepts which guide the accountant at the recording stage
Q. Describe about Capital? Capital -- money invested in a business by its owners. On the right side or bottom of a balance sheet. Capital also denotes to machinery, buildings 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
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to every other must
Data evaluation is observed as the most significant activity in accounting recently. Evaluation of data comprises controlling the activities of business along with the assist of bu
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
Revenues from the theatrical supply of motion pictures are recognized when motion pictures are exhibited. Television licensing revenues are recorded while the program material is a
XYZ plc provides engineering and consultancy services to the oil and gas industry. Over the past few years, they have incurred expenditure of £1m researching and developing a new
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