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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.
Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
Q. Advantages and Disadvantages of FIFO? FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
Q. What is transposition or slide error explain? When the trial balance doesn't balance try re-totalling the two columns. If this step doesn't locate the error divide the diffe
Write the difference between budget & budgeting? Ans) An estimation of the revenue & expenses over a specified future period of time. A budget can be made for a person, family,
Difference between SAP MEMORY and ABAP MEMORY? Ans) SAP Memory: Global, user-related memory that enlarges beyond transaction limits. Access to the SAP memory is through SPA/GPA
partner investments, journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 o
GILCO rents DVDs and DVD players (players) on a short term basis to airline passengers through GILCO locations at every large commercial airport throughout the world. A passenger
Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie
The use of ledger accounts A journal entry is similar to a set of instructions. The execution of these instructions is known as posting. Since stated earlier posting is recordi
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