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Q. Explain about debits and credits?
Accountants utilize the term debit instead of saying place an entry on the left side of the T-account. They utilize the term credit for Place an entry on the right side of the T-account. Debit shortened (Dr.) simply means left side credit shortened (Cr.) means right side therefore for all accounts a debit entry is an entry on the left side while a credit entry is an entry on the right side. Subsequent to recognizing a business event as a business transaction we analyze it to determine its decrease or increase effects on the liabilities, assets, stockholders' equity items, dividends, revenues or expenses of the business. Then we decode these increase or decrease effects into debits and credits.
In recent years, there has been a lot of media coverage about the funding status of pension plans for state employees. In many states, the amount of money invested in employee pens
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below. Q d = 424 - 40P Q s = 40 + 8P a. What is the equi
Advantages of setting Accounting Standards: 1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly. 2. Sett
Q. Explain Accounts payable? Accounts payable are amounts owed to suppliers meant for goods or services purchased on credit. Accounts payable are usually due in 30 or 60 days a
what would be the entry for-"rent recieved in advance"
How do you set up a t account correctly?
What is differences in access to financial information Distinction between the two areas of accounting reflects, to some extent, differences in access to financial information.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
How accounting helps in Internationalisation of businesses Internationalisation of businesses has created a need for accounting rules to have an international reach. It can no
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