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Q. Explain Financial accounting information?
A Financial accounting information is precedent in nature that reporting on what has happened in the past. To facilitate comparisons among companies this information should conform to certain accounting standards or principles called generally accepted accounting principles (GAAP). These in general accepted accounting principles for businesses or governmental organizations have developed through accounting practice or been established by an authoritative organization. We illustrate several of these authoritative organizations.
Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at
1) A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assu
Define Carriage outwards.
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
what are the disadvantages of just-in-time?
Prepare the Journal Entries Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the tr
It is reduction of taxes where from the income is produces and regarding services to be taxed there are about 120 services which are taxed in India for provision of service tax
Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
#Q. Example on closing process?
Wings Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative 1%, preferred stock of $40 par, and 50,000 shares of $120 par common. Durin
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