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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.
White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase
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Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop
The conventions and rules of accounting are commonly termed as the conceptual framework of accounting. Along with any discipline or body of knowledge, several underlying theoretica
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10
061689 bussines accounting and you All i need detail how to do it i watch video but im not understanding if anybody have more specific explanation details
Q. Example of Unearned service fees? Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm
Q. What is credit balance? If on the other side the sum of the credits exceeds the sum of the debits the account has a credit balance. For example assume that a company has an
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