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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. Example of Accumulated Depreciation account? Along with other items the trial balance of Korman Company for 2010 December 31 includes the following account balances
During the fiscal period just ended some of the inventory in the warehouse of Jamie Ltd. wasn't counted. Jamie Ltd. uses a periodic inventory control system. Explain how the foll
Q. Explain about Trial balance? Trial balance -- at the close of an accounting period, transactions posted in the ledger areadded up. A trial or test balance sheet is prepared
Determine the Income Statement columns of Worksheet Income Statement columns of the worksheet would comprise the amounts from Adjusted Trial Balance columns which are expenses
Earned service revenue and received cash As its first transaction in July Metro performed deliverance services for customers and received USD 4800 cash. This transaction improv
Which of the following items will be entered in the cash payments journal of an entity when app applicable subsidiary journals are in use? Merchandise purchased on credit Merchand
1. Under the FIFO Cost Flow Assumption during a period of inflation, which of the following is false? WHICH OF THE FOLLOWING IS NOT TRUE a. Income tax expenses will be hig
Determine the additional cash a company could obtain from its working capital accounts if it can improve its average collection period by three days and inventory turnover by 0.5 t
Purchase of office supplies what is the account classification?
what is meaning by parallel accounts
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