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Q. Illustrate the Financial accounting process?
In this section we describe the accounting equation as the framework for the entire accounting process. Then we demonstrate you how to recognize a business transaction and describe underlying assumptions that accountants use to record business transactions. Subsequently you learn how to analyze and record business transactions. In the balance sheet presented the total assets of Metro Courier Inc were equal to its stockholders' equity and total liabilities. This equality demonstrate that the assets of a business are equal to its equities; i.e.
2013, May 1st: 1 started in bnusiness with capital in cash of 1,800 and 4,200 in the bank. 2nd: Bought goods on credit from: j.Ward 600, P.Green 515
Accrual basis of accounting means that the costs or revenues of events are renowned in the period in which they happens; by the cash flows may take place in another accounting peri
Q. Define the Opportunity cost? Opportunity cost -- a useful notion in evaluating alternate opportunities. If you choosealternative A, you can't choose B, C, or D. What is the
accepted#
How the use of different accounting policies affect the financial performance of different entities operating within the same industry
Q. Responsibility of Senior accountant? As a senior accountant Tracy will be accountable for the day-to-day management of several audit engagements during the year. She will pl
A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec
Limitations of Ratio Analysis : In spite of the a variety of uses of ratio analysis, it go through from certain limitations, some of which are as under; 1. Limited use
briefly explain the accounting concepts which guide the accountant at the recording stage
Q. Explain about Prepaid insurance? The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this en
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