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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.
Q. Show types of activities performed by business organizations? The forms of business unit examined in the previous section are classified according to the type of ownership o
need to get assignment done, its corporate accounting.
assignments
Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called
A sweep account is actually a grouping of two or more accounts at a bank. It is useful in managing a steady cash flow among a cash account where scheduled payments are made from an
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
Q. What is Income Summary account? The Income Summary account is a clearing account used merely at the end of an accounting period to summarize revenues and expenses for the pe
Steps in recording business transactions Look at Exhibit 5 to observe the steps in recording and posting the effects of a business transaction. Note that a source document offe
A great tool to import and certify transaction data from other financial systems and make invoices debit memos credit memos and on-account credits Setup steps: 1. Describe th
Full form= Winter compensation from contributions.
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