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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.
Selling the rights to the quantity owing by debtors to a finance company for an agreed amount (which is a lesser amount of than the figure at which they are recorded in the account
Q. Show payment of a liability? Accountants are able to easily measure some changes in assets and liabilities such as the acquisition of an asset on credit and the payment of a
Assignment on Generally Accepted Accounting Principles
Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,
Explain any two concepts of accounting with examples
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
Ask 1. What is the organization that is responsible for setting International Financial Reporting Standards? 2. What is the main company that Professor Levine uses for illustratio
Q. Define Non-operating revenues? Non-operating revenues or other revenues and non-operating expenses or other expenses are revenues and expenses not related to the sale of pro
Management accounting and financial accounting Accounting is generally seen as having two different strands which are: ? Management accounting that seeks to meet accounting
Q. Define Operating expenses? Operating expenses for a merchandising company are those expenses other than cost of goods sold incurred in the usual business functions of a comp
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