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Fundamental of Accounting
1. Explain the concept of accrued income with the help of an example.
2. Explain the five disadvantages of Single Entry System?
3. Explain the scope of accounting standards and the procedure for issuing an Accounting Standard.
4. Explain the terms subscriptions and donations.
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
Sam is trying to decide whether he should operate his business as a C cor- poration or as an S corporation. Due to potential environmental hazard problems, it is imperative that
i want to know the concepts of journal
General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i
Q. Explain about Purchase discounts? Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they p
Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of
Q. Valuation of ending inventory? First a merchandising company should be sure that it has properly valued its ending inventory. If the resulting in an ending inventory is over
Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
Capital In addition to borrowing from banks and additional sources, all companies obtain finance from their owners. This money is usually accessible for the life of the busines
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