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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.
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
stpes to be taken prepaing for final accounts
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
Illustrate about the matching principle This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be a
Explain the term- Depreciation This is a term which is used to describe the expense which results from loss of usefulness of an asset because of age, wear and tear, and obsoles
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
Billable expenses are those expenses incurred by you on behalf of your client in performing duties / supply and service. These expenses are recoverable from your customer by way of
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State and local income taxes Some states also withhold state income taxes. Texas doesn't. If state withholds taxes, there will be form similar to the federal one to determine t
Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
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