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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.
Which ratio measures a business' average payment period? A. current ratio B. liquid ratio C. trade payables turnover D. trade receivables turnover
You have learned about the business and its proprietor is reacted as separate entities. It implies that separate accounts must be kept in the ledger for recording transactions amon
Accounting Concepts: The dual aspect principle has specific relevance to balance sheet. According to this principal, every transaction is concerned as one that has dual ef
We have a demonstration instrument that was paid for years ago. How do we get it back on our books as an asset?
QUESTION It is generally recognised that power is an essential component of accountability and that greater accountability is recognised towards those stakeholders who have mor
Organize the Trading Account from the subsequent details: Office Rent Rs. 5,000;Purchases Rs. 80,100; Opening stock Rs.25, 000; Stock at the end Rs. 15,000; Carriage Inward Rs.
illustration
Explain the procedure followed in government system of accounting in india
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
Balance sheet is related along with reporting the financial position of an entity on a specific point in time. Such position is conveyed in terms of listing all the things of value
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