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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. What are Bad debts? Bad debts -- amounts owed to a company which aren't going to be paid. An accountreceivable becomes a bad debt when it's recognized that it won't be paid.
Q. What is Posting reference column? This column demonstrates the account number of the debited or credited account. For example in Exhibit 8 the number 100 in the first entry
what is the implications of applying accounting concepts wrongly
Q. Illustrate about corporation? A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately
The basic functions of a balance sheet are: 1. It provides the financial place of a company on any given date 2. It provides the liquidity picture of the concern. 3. It p
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca
Q. What is Inventory obsolescence? Inventory obsolescence -- inventory no longer salable. Possibly there is too much on hand,possible it is out of fashion. True value of the in
Q. Effects of bias in terms of accounting? Where there is no correspondence the cause may be (a) bias or (b) lack of completeness. - Effects of bias. Accounting measuremen
owner got personal loan from his bank and sign note payable.what is the journal entries?
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