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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 debit balances and those with credit balances. The totals of these two groups of accounts should be equal. Then a few assurances exists that the arithmetic part of the transaction recording process has been properly carried out. Now let us in fact record business transactions in T-accounts using debits and credits.
Q. What do you mean by Risk management contracts? In the normal course of business the Company utilizes a variety of off-balance-sheet financial instruments to manage its expos
Paid salaries to sales clerks
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. e
Determine the Purchasing Procedures Alarge company would use a "purchasing agent" who heads purchasing department. Small companies would use manager/owner, etc. Seller recei
Question 1: What are the kinds of inventory? Transaction inventory Speculative inventory Precautionary inventory Question 2: Explain in brief the invent
what is the basic meaning of debit and credit
GENERAL
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
Solve accounting income statement question in single step with given details.. The following are information for the Lotu Wo Company: Net Sales 5
Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable
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