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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.
What is accounting process?
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Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
Q. Relevance information to financial reporting? To have relevance information should be pertinent to or affect a decision. The information should make a difference to someone
How accounting helps in Internationalisation of businesses Internationalisation of businesses has created a need for accounting rules to have an international reach. It can no
what is the BRS
Q. What do you mean by Stock? Stock -- a certificate (or electronic or other record) which indicates ownership of a portion of acorporation; a share of stock. Preferred stock p
stpes to be taken prepaing for final accounts
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
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