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Q. Explain Interest revenue?
Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accounting period. Therefore the accounting records normally don't show the interest revenue earned but not yet received which affects the total assets owned by the investor unless the company makes an adjusting entry. The regulate entry at the end of the accounting period debits a receivable account an asset and credits a revenue account to record the interest earned and the asset owned.
the consequences of non-compliance of each of the accounting concepts.
Why it is important for independent auditor to be a member of a professional body?
Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Su
Q. Example of Periodic inventory procedure? Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards n
For earnings management, is impairment of goodwill easier to manipulate than impairment of PPE?
Provide an argument for including or not including current liabilities in the cost of capital calculation
Q. Explain about Classified income statement? An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divide
We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as
Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks
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