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Q. Procedure of recording business transactions? The raw information of accounting is the business transactions. We documented the transactions in section 1 as increases or dec
Q. What is Long-term liabilities? Long-term liabilities are debts such as a bonds payable and mortgage payable that aren't due for more than one year. Companies must show matur
State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
How to do worksheet?
Q. Explain about lower-of-cost-or-market method? The lower-of-cost-or-market (LCM) method is the inventory costing method that values inventory at the lower of its historical c
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat
Explain:- 1. Why would users want to see cash flows broken out into three parts (operating, investing, and financing)? What's the purpose of this structure? 2. Companies often use
Closing Entries based accounting question a) Describe the nature of Closing Entries. I.e. what is the purpose of closing entries? b) For each of the f
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