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Forms of business organizations
Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organization such like a hardware store or grocery store that exists as an economic unit. For accounting purpose every business organization or entity has an existence separate from its owner(s), employees, creditors, customers and other businesses. This separate survival of the business organization is known as the business entity concept. Therefore in the accounting records of the business entity the activities of each business must be kept separate from the activities of other businesses and from the personal financial activities of the owner(s).
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.
what accounts go into a balance sheet
What are the issues related with Accounts receivable? Ans) As the Accounts Receivable, you will: ? Oversee and determine all issues related to cash application to make sure
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the consequences of non-compliance of each of the accounting concepts.
Q. Example on gross margin method? To demonstrate the gross margin method of computing inventory assumes that for several Years Field Company has maintained a 30 per cent gross
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi
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