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Q. Explain about statement of cash flows?
Retained earnings usually consist of the accumulated net income of the corporation minus dividends distributed to stockholders. We examine these items later in the text. Currently merely note that the balance sheet heading comprise the name of the organization and the title and date of the statement. Notice as well that the dollar amount of the total assets is equal to the claims on (or interest in) those assets. The balance sheet demonstrates these claims under the heading Liabilities and Stockholders' Equity. Administration is interested in the cash inflows to the company and the cash outflows from the company for the reason that these determine the company's cash it has available to pay its bills when due. The statement of cash flows demonstrates the cash inflows and cash outflows from investing, operating and financing activities. Operating activities generally comprise the cash effects of transactions and other events that enter into the determination of net income. Investing activities usually include business transactions involving the acquisition or disposal of long-term assets such like buildings, land and equipment. Financing activities usually include the cash effects of transactions and other events involving creditors and owners stockholders.
It explains the statement of cash flows in detail. Our principle here is to merely introduce this important financial statement. Usually a firm prepares a statement of cash flows for the same time period as the income statement. At this end in the course you require to understand what a statement of cash flows is rather than how to prepare it.
Q. Economic substance of the transaction? In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that i
Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac
on april-1,2005,raghu started a business of selling steel pipes and angles.he invested cash of Rs.50,00,000 & opened a current a/c with bank for Rs.20,00,000.He took loan from ICIC
Uses of the Profit and Loss Account 1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise
The fundamental concepts, discussed in the previous paragraphs, are the core components in the theory of accounting. Such concepts as postulates or conventions, although, permit a
How accounting helps in Internationalisation of businesses Internationalisation of businesses has created a need for accounting rules to have an international reach. It can no
Houston Corporation has the following stock outstanding: In 2012, Houston paid $330,000 in dividends. No dividends were paid in 2011 or 2010. Required : a)
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp
Illustrate Sales returns.
preparing trial balance with balance method
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