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Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
paid rent $200 by cash
Q. Explain about Accrued liabilities? Accrued liabilities are liabilities not so far recorded at the end of an accounting period. They represent responsibility to make payments
Q. Describe the Cost of sales? Cost of sales, cost of goods sold -- expense or cost of all items sold during an accountingperiod. Every unit sold has a cost of sales or cost of
This is due to every organization wants profit to operate, and as results the fmcg gods turn to have a moving market than that of the hardware goods, because the products does not
Q. What is credit balance? If on the other side the sum of the credits exceeds the sum of the debits the account has a credit balance. For example assume that a company has an
Illustrate the cases of financial accounting ?Enron, an energy-trading business which is based in Texas, and was accused of entering into complicated financial arrangements in
Q. Instalments basis of revenue recognition? When accumulating the selling price of goods sold in monthly or annual instalments and considerable doubt exists as to collectabili
How the use of different accounting policies affect the financial performance of different entities operating within the same industry
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