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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).
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
Prepare the Journal Entries Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the tr
Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces. Fruits enter the production process in pounds; the prod
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.What method of tax accounting used, Taxation
Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and
Below is the share price, taken annually over the last ten years, and a table of dividends paid over the last ten years, for each Bendigo and Adelaide Bank and Commonwealth Bank.
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
Problems: Please show all calculations. Claudette, Inc., provides warranties for many of its products. The January 1, 2014, balance of the Estimated Warranty Liability account
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