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Q. Illustrate about corporation?
A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately all large businesses and many small businesses are incorporated. The corporation is exclusive in that it is a separate legal business entity. The owners of the corporation are shareholders or stockholders. They purchase shares of stock which are units of ownership in the corporation. Must the corporation fail the owners would only lose the amount they paid for their stock. The corporate type of business protects the personal belongings of the owners from the creditors of the corporation. Stockholders don't directly manage the corporation. They select a board of directors to represent their interests. The board of directors choose the officers of the corporation such like the president and vice presidents who manage the corporation for the stockholders.
Q. Explain sales return? A sales return is merchandise return by a buyer. Buyers and Sellers regard a sales return as a cancellation of a sale. Otherwise some customers keep un
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
Explain the term - Overtime Pay This means a minimum of one and one-half times the regular rate of pay for all hours worked over 40 during the week. (Time and a half) A numbe
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Suppose you want to have $5,000 saved at the end of five years. The bank will pay 2% interest on your money. How much would you have to deposit today to have the $5,000 you want
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Q. Example of work sheet for a merchandising company? Lyons Company is a tiny sporting goods firm. The illustration for Lyons Company focuses on merchandise-related accounts. T
Exercise 5-2 - Harwick company. 1) On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2)On April 6, paid freight costs of $
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