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Q. Explain journal entry?
A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the journal. A journal entry demonstrates all the effects of a business transaction as expressed in debit(s) and credit(s) and may comprise an explanation of the transaction. A transaction is entered in a journal prior to it is entered in ledger accounts. For the reason that each transaction is initially recorded in a journal rather than directly in the ledger a journal is called as a book of original entry.
An airfoil of surface area 1ft squared is tested for lift (L) in a wind tunnel. At an angle of attack of 5 degrees with standard air of density 0.0024 slugs/ft cube at a speed of 1
Posting closing entries When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be
Q. Describe about Assets? Assets are things of worth owned by the business. They are as well called the resources of the business. Illustration includes machines, cash and buil
Q. Goal of financial reporting? The second goal of financial reporting is to provide information to help present and potential investors and creditors and other users in assess
Q. What is Long-term liabilities? Long-term liabilities are debts such as a bonds payable and mortgage payable that aren't due for more than one year. Companies must show matur
Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership
Q. What is Comprehensive income and Revenues? Comprehensive income is the alter in equity of a business enterprise during a period from transactions and other events and circ
Define Carriage outwards.
Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.
Fixed Assets An additional categorization other than current or long-term is as well used for property. A "fixed asset" is an asset which is planned to be of a lasting nature a
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