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Financial Accounting
An accounting technique that records, interprets, and reports the historical cost transaction of an organization. An organization records these transactions in bookkeeping journals and ledgers. To understand the transactions, it uses, between other analytic tools, a series of ratios, such as acid test ratio, present ratio, inventory turnover, debt-to-equality ratio, and so on. Financial reports include financial statements (balance sheet, income statement, statement of cash flows), as well as special internal monetary reports that are unique to each organizations.
Protected transactions These fall into three categories: (A) Under Section 50: Payments by the bankrupt to creditors; Payments or deliveries to the bankrupt; C
Failure to record depreciation at year end will result in all of the following except Understatement of total liabilities. Overstatement of total assets. Overstatement of net incom
Grants are not necessarily recognized as revenue when they are awarded. Columbus City was awarded a state reimbursement grant of $150,000 to assist its adult literacy program. The
Tubby is a retailer that buys and sells handmade robotic toys. He buys a basic prototype and then programs it to do all sorts of unique tricks. The following information was provi
Unrealized profit on Property, Plant and Equipment Where one company sells an item of PPE to the other company in the group then, this will lead to two main problems. a) The se
Income Statement Preparation The following information is taken from the records of Wadley's Car Wash for the year ended December 31, 2012. Income taxes . . . . . . . . . . . . .
what is the explanation?
In our discussion so far, we have supposed that the compounding is done yearly, here let us see the case where compounding is complete more often. In such case the equation (1) is
The City of Miami must replace a number of its concrete mixer trucks with new trucks. It has received two bids and has evaluated closely the performance characteristics of the seve
Conversion of members' to creditors' winding up If the liquidator in a members' winding up forms the opinion that the company will not be able to pay its debts in full within t
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