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Q. Explain about Going-concern concept?
Except strong evidence exists to the contrary accountants assume that the business entity will continue operations into the indefinite future. Accountants call this supposition the going-concern or continuity concept. Presumptuous that the entity will continue indefinitely allows accountants to value long term assets such as land at cost on the balance sheet since they are to be used rather than sold. Market values of these assets would be relevant only if they were for sale. For illustration accountants would still record land purchased in 1988 at its cost of USD 100000 on the 2010 December 31 balance sheet even though its market value has risen to USD 300000.
Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Su
I want a company law assignment
Determining the physical quantity that should be contained in inventory normally is a simple matter because that amount have of items in the possession of the company. The cost of
Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%
"Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the
office supplies on hand at year end amounted to 3000
WHAT IS THE MEANING OF INVENTORY TURNOVER
discuss the features of unincoporated associations
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