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Explain the types of Financial Statements
Income Statement. This is a summary of a business's expenses and revenue for a specific period of time. It ONLY shows expenses and revenue.
Net Income is realized when revenue exceeds expenses.
Net loss is realized when expenses exceed revenue.
Statement of Owner's Equity. This is a summary of the changes which have occurred in owner's equity during a specific period of time.
This statement will demonstrates either a decrease or increase in capital account.
Balance Sheet. This statement is a listing of firm's liabilities, assets and owner's equity at a particular point in time. Total Assets should equal the addition of Liabilities and Owner's Equity.
You have been assigned to analyze the costs of NC Microelectronics, a microchip manufacturer. Indicate whether the following costs are more likely fixed (F), variable (V), or mixed
Accounting Principles are the rules and guidelines that companies should follow when reporting and accounting financial data. The general set of accounting principles are the gener
leagl provision of partner ship accounts
#What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?
In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?
Is there nay depreciation needed to perform when the revaluation model is applied to the asset?
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
contributed her $10000 in exchange for $1000 of the shares. this was deposited into a new corporate bank account she set up with TD canada trust
Perth Ltd acquired 80% of the share capital of Summer Ltd on 1 July 2011. The following equity balances appeared in the records of Summer Ltd at the date of acquisition: Share capi
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