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Q. Describe about Assets? Assets are things of worth owned by the business. They are as well called the resources of the business. Illustration includes machines, cash and buil
Q. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
Q. What is trial balance? The firm credits two Accounts Payable and accounts Cash in this one entry. But the dollar totals of the debits and credits are equal. Cyclically accou
Recording and reporting stock transactions and cash dividends across two accounting cycles Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 5
Q. Learning objectives of Horizontal and vertical analysis? - An account is a storage element used to classify and summarize money measurements of business activities of a simi
Q. Explain about Accounting period? As those interested in the activities of business need timely information companies must prepare financial statements periodically. To organ
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
Q. Concepts of accounting? - The major underlying assumptions or else concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) st
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