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Q. Explain about Long-term investments?
A long-term investment habitually consists of securities of another company held with the intention of (a) obtaining control of another company (b) securing a permanent source of income for the investor or (c) establishing friendly business relations. The long-term investment classification in the balance sheet doesn't include those securities purchased for short-term purposes. For most businesses long-term investments perhaps stocks or bonds of other corporations. Infrequently long-term investments include rental properties, funds accumulated for specific purposes and plant sites for future use.
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
preparing trial balance with balance method
The Development Stage Entities Topic specifies the guidelines for identifying an entity in the development stage, addresses the applicability of generally accepted accounting princ
Q. Consistency in accounting principle? Consistency necessitates that a company use the same accounting principles and reporting practices through time. Consistency makes possi
Compare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.
Periodic Review
State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat
Q. First-in first-out inventory? FIFO (first-in first-out): Ending inventory contains of the most recent purchases. FIFO presumes that the costs of the first goods purchased ar
Amounts paid on June 30 for a 1-year insurance policy. Is this a pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
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