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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.
Fixed Assets These are tangible, relatively long-lived items owned through the business. The benefit of these assets is obtainable not only in the accounting period wherein the
To finish this scenario, use the Confidence Interval Calculator Sheets 1,2,3. The Sacred Grounds coffee shop in Dead horse, AK, is considering changing its coffee brewing units
QUESTION The recognition of human capital by modern businesses has led to the development of Human Resource Accounting (HRA) Required- (a) Explain the following terms-
JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay
procedure followed in govt.system of accounting in india
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.
SQB Corporation reports sales of $10,000,000 for Year 2, with a gross profit margin of 40%. 20% of SQB's sales are on credit. Year 1 Year 2
what is accounting Standard
Formed under the Securities and Exchange Act of 1934 the SEC (Securities and Exchange Commission) is a government agency that administers important acts dealing with the interstate
Q. Learning objectives of Accounting? Describe and identify the three basic forms of business organizations. differentiate between the three types of activities per
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