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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.
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate
explain the separate set of books method for maintaining joint venture accounts
Q. Example of Income statement? Income statement demonstrates the income statement Lyons prepared. The focal point in this income statement is on determining the cost of goods
Maryanne was looking to purchase a local business that sold coal jewelry to tourists along the interstate. The present business owner instructed his accountant, Jane Sane, CPA, to
Q. Example of Statement of retained earnings? Statement of retained earnings The statement of retained earnings as you remind is a financial statement that summarizes the trans
Q. Show Adjustments for deferred items? This segment discusses the two types of adjustments for deferred items asset/expense adjustments and liability/revenue adjustments. In t
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 exa
State the list of Special journals Purchases - All credit purchases of merchandise Cash Payments - All payments of cash Sales - All credit sales of merchandise
Cash Flow Analysis: As per the Institute of Cost and Works Accountants of India (AICWAI), a Cash Flow Statement is a declaration setting out the flow of cash under different
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