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Limitations of Funds Flow Statement: despite the a variety of uses of the announcement, it has convinced problems also. They consist of the subsequent
i) It cannot substitute either an income statement or a Balance Sheet as it does not give complete information
ii) It is organized from the information enclosed in the financial statements and per se the accuracy of the information is uncertain
iii) This declaration disregards the changes in the working capital items and thus fails to throw light on the financial position of the fear
iv) It does not offer for uninterrupted changes
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
If partners do not draw up a partnership agreement, the provisions of the Partnership Act apply on which statement is true like a provision of the Partnership Act? A Interest on
Q. Explain about Accrual basis and periodicity? Accrual basis and periodicity demonstrated that financial statements more accurately reflect the financial status and operations
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
Q. Explain about Percentage of completion method? The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To ca
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-
Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage
want a question of general jouranal , t account ,traial balance , income statement and balance sheet
Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie
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