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Q. Explain about matching principle?
The matching principle need that expenses incurred in producing revenues is deducted from the revenues they generated during the accounting period. The matching principle is one of the fundamental principles of accounting. This matching of revenues and expenses is necessary for the income statement to present an accurate picture of the profitability of a business. Adjusting entries replicate unrecorded economic activity that has taken place but has not yet been recorded. Why has the company not documented this activity by the end of the period? One reason is that it is more economical and convenient to wait until the end of the period to record the activity. A second reason is that refusal source document concerning that activity has yet come to the accountant's attention.
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Ask question Discuss the export financing under the deferred payment system.#Minimum 100 words accepted#
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
Why to and by using in journal, trading a/c, p&l a/c and ledger?
owner got personal loan from his bank and sign note payable.what is the journal entries?
If on the opening day of business, you put in supplies worth $250 and $3000 cash, would that be considered a transaction OR would it be considered your beginning balances because
Q. Responsibility of Senior accountant? As a senior accountant Tracy will be accountable for the day-to-day management of several audit engagements during the year. She will pl
Q. Seasonality in sales? Based upon its operating record the company believes that its business is seasonal. Excluding the result of net sales, new store openings and earnings
Q. External users of accounting information? The external users of accounting information grouped into groups; everyone has different interests in the company and wants answers
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