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We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as management accounting function and for external utilization as financial accounting function. We are positive; our discussion of accounting like an information system has made it simpler for you to comprehend this responsibility of the accountant. We may explain that information management is not necessarily linked with sophisticated or high tech regions of computers. Undersized firms may 'manage' information without a substantial degree of mechanization or automation. Frequently the role of accounting in small business is not correctly recognized. It is widely identified that a large number of small businesses fail and do not survive beyond some years. One of the main purposes for their failure is that they don't have an adequate information system to assist their managers to control costs, to forecast cash requirements and to plan for growth. Organizations that have poor accounting system frequently find this considerably complicated to obtain finance from banks and outside investors.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
what is the contributed capital and how do you figure it out?
Q. What is periodic inventory procedure? In the periodic inventory procedure the Merchandise Inventory account is updated periodically subsequent to a physical count has been m
Sucked into a wormhole while spending time in outer space, you land in a perfect world where accountants are worshipped and paid extravagantly. As an accountant, you're immediately
Amounts paid on June 30 for a 1-year insurance policy. Is this a pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
Q. Explain about Freight collect? Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms s
Genentech, Inc. is a California-based biotech pioneer recently acquired by Swiss pharmaceutical giant Roche Holding AG. Roche paid $46.8 billion in cash for the 44 percent of Gen
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:
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory
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