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Q. General-purpose financial statements?
Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties and top-level internal managers. In contrast accountants are able to gather special-purpose financial information for a specific decision typically on a one-time basis.
For example management may require specific information to decide whether to purchase a new computer system. Ever since special-purpose financial information must be specific this information is best obtained from the detailed accounting records rather than from the financial statements.
The cost of goods sold section Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Ne
An example of a committed fixed cost would be: a) taxes on real estate b) management development programs c) public relations d) advertising programs
If partners do not draw up a partnership agreement, the provisions of the Partnership Act apply on which statement is true like a provision of the Partnership Act? A Interest on
is money deposited to the municipality for electricity current assets
The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga
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
Q. Example of Adjustments for deferred items? A real physical inventory a count of the supplies on hand at the end of the month showed only USD 900 of supplies on hand. Therefo
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?
preparing trial balance with balance method
what is journal entry
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