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Imputed Interest - If no interest or an unrealistic amount of interest is charged in a salve involving certain kinds of deferred payments, then transaction would be treated as if realistic rate of interest had been used. Difference between realistic interest and interest actually used is referred to as imputed interest.
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
1) List every item debited or credited in the Profit and Loss account. 2) Illustrates the difference among Trading Account and Profit and Loss Account. 3) Illustrates t
Which ratio measures a business' average payment period? A. current ratio B. liquid ratio C. trade payables turnover D. trade receivables turnover
Q. Define Economic and financial decisions? You most likely will find that of all the business knowledge you have acquired or will learn the study of accounting will be the mos
procedure followed in govt.system of accounting in india
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In 1984 the Governmental Accounting Standards Board (GASB) was recognized with a fulltime chairperson and four part-time members. The GASB issues statements on financial and accoun
Dear Sir, I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the comp
In 1973 and independent seven-member full-time Financial Accounting Standards Board (FASB) replaced the Accounting Principles Board. The FASB has published numerous Statements of F
The balance sheet lists assets, capital and liabilities separately. This is an accepted convention about the assets and liabilities are demonstrated in sub groups and listed in the
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