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The main function of accounting is to accumulate accounting data so as to calculate the profit and loss made through the business firm throughout and also to KNOW the financial position of the business on a specified date. A business can ascertain this through preparing the last Accounts. Preparation of last accounts from a trial balance is the last phase of the accounting process. Final accounts include the preparation of Trading and Profit and Loss Account and the Balance Sheet, though the Balance Sheet is not an account but merely a statement. Trading and Loss and Profit Account are simply one account that is usually divided in two sections. The first section is termed as the Trading Account and the second section the Loss and Profit Account. In condition of manufacturing concerns, last Accounts also comprise the Manufacturing Account.
We have a demonstration instrument that was paid for years ago. How do we get it back on our books as an asset?
Along with a view to harmonise varying accounting policies and practices recently utilize in India, the Institute of Chartered Accountants of India (ICAI) created the Accounting St
3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0
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 r
Development of financial accounting standards Several organizations are considerable in the establishment of generally accepted accounting principles (GAAP) for businesses or g
Prepaid Expenses In many conditions, like a custom, some of the item of expenses is generally paid in advance such as rent, taxes, insurance and subscriptions. The rationale of
why Accountant prefer commercial substance than legal form?
The first municipal bond insurance company was created in 1971 as a supplementary of MGIC Investment Corp. of Milwaukee; now usually called as Ambac Financial Group, Inc. The Ameri
To establish and implement an accounting system for Trigon Corporation, using MYOB accounting software. Needed: 1. Make and print a suitable chart of accounts in MYOB
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
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