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Explain the term- Reversing entries and Interim statements
Reversing entries - Made the first day of new accounting period. They are exact opposite of the adjusting entries made to record accrued expenses. (Salary is the only one that you would be doing.)
Interim statements are prepared during the fiscal year for periods of less than 12 months-monthly, quarterly, or semi-annually. These are used to create statements however aren't journalized until the end of year.
The basic functions of a balance sheet are: 1. It provides the financial place of a company on any given date 2. It provides the liquidity picture of the concern. 3. It p
Q. What do you mean by unearned revenue? A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash
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Q. Specific identification method of inventory? Specific identification- The specific identification method of inventory costing put together the actual cost to an identifiable
Over the past two decades, the People's Republic of China has invested billions of RMB in domestic and international air travel capability. Today, almost every major city in China
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what do you mean by 90% of the entire issue to be received before the allotment of shares?
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You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp
Q. What is Asset cost and Estimated residual value? Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset. Estimated residual value:
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