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Write the difference between budget & budgeting? Ans) An estimation of the revenue & expenses over a specified future period of time. A budget can be made for a person, family,
Explain the business assets Withdrawal Withdrawal (Drawing) is removal of business assets for personal use by owner. This transaction decreases the asset taken and value of
what is account
Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert
Which error will cause a trial balance not to balance? A an invoice entered as a credit note on original input. B a journal entry that does not balance. C a transaction entere
Q. Responsibility of General Manager and salesperson? Upon promotion to manager Tracy will start the transformation from auditor to executive. She will manage numerous audits a
Q. Describe Exceptions to the realization principle? Exceptions to the realization principle: The following illustrations are instances when practical considerations may cause
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
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