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Assume we had given tour advance to party how to treat entry and which head have to given expenditure?
Ans) Cash/Bank a/c DR
To Party(name)a/c (Advance Paid For Tour)
Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Su
Purpose To assess your ability to: •apply REA ontology concepts to an organization •prepare diagrams for the identification of the flow of data through an organization
Q. Cash equivalents and investments? Cash as well as cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. SFA
AP2-2
They are likely to tests for tact, diplomacy, and with descriptive skills.
Remedies of overtrading
please explain cycle of accounting
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
Identify and explain the two ratios that are used to assess the solvency of a business.
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