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Q. Explain about Equity or net asset?
An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the business enterprise the equity is the ownership interest and in the not-for-profit organization which has no ownership interest in the same sense since business enterprise net assets is divided into three classes based on the absence or presence of donor-imposed restrictions are a) permanently restricted b) temporarily restricted and c) unrestricted net assets.
Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every
Examine each of the items listed below to determine which items include statements that 3) would indicate that manufacturing diversity exists. Required: Label the items that inc
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
what is implication wrongly application of accounting concept#
Implication of applying accounting concept wrongly
Assume we are a trading company giving devices and sometimes after sales service. when any fault came we just replace the hardware from another defective device and getting the pay
Notes to financial statements
What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it
Q. General-purpose financial statements? Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties a
office supplies on hand at year-end amounted to 3000.
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