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Q. Explain about financial statement?
The income statement is the statement of retained earnings the balance sheet and the statement of cash flows of Metro Courier Inc demonstrate the results of management's past decisions. They are the finish products of the accounting process which we explain in the next section. These financial statements offer a picture of the solvency and profitability of the company. The accounting process facts how this picture was made. Management as well as other interested parties utilize these statements to make future decisions. Management is the first to identify the financial results then it publishes the financial statements to notify other users. The nearly everyone recent financial statements for most companies are able to be found on their websites under Investor Relations or some similar heading.
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
How vital does Accounts receivable for small business and why? Ans) Accounts Receivables help small businesses by giving short-term liquidity. Also continued sales on cre
ACCOUNTING STANDARDS An Accounting Standard is a elected set of accounting policies or broad strategies concerning the principles and methods to be elected out of numerous subs
On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability ins
A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price? A. $476 B. $595 C. $612 D. $644
#Q. Example on closing process?
O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi
What is the implication of applying accounting concepts wrongly
Q. Explain about Conservatism? Conservatism The Conservatism means being prudent or cautious and making sure that assets and net income are not overstated. Such overstatements
Explain the term - Overtime Pay This means a minimum of one and one-half times the regular rate of pay for all hours worked over 40 during the week. (Time and a half) A numbe
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