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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. Describe about Expense? Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditu
Q. Explain about Accrual basis and periodicity? Accrual basis and periodicity demonstrated that financial statements more accurately reflect the financial status and operations
State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume
what is meaning by parallel accounts
Ask question Discuss the export financing under the deferred payment system.#Minimum 100 words accepted#
Q. What is accrual basis of accounting? In the following illustration, notice that every business transaction affects two or more accounts in the ledger. As well note that
the long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use?
Benchmarking A process by which a company reassesses its established business practices by comparing them with the best practices of other organizations. This process is desi
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
what are the basic theory of accounting
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