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Preparing financial statements for a merchandising business
(The statements are completed in this order.)
1. Income Statement (contains only expenses and revenue and shows net loss or gain)
2. Statement of Owner's Equity (summarizes the changes in owner's equity during accounting period)
3. Balance Sheet (lists a firm's liabilities, assets and owner's equity as of a certain date)
Q. Show Adjustments for deferred items? This segment discusses the two types of adjustments for deferred items asset/expense adjustments and liability/revenue adjustments. In t
The analysis focused primarily on the role, structure and funding arrangements for the International Accounting Standards Board (IASB), an entity that has been responsible for majo
INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The
Q. Show Periodicity concept? As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or
Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense
what are the basics of accounting
Identify and explain the two ratios that are used to assess the solvency of a business.
Prepare the Journal Entries Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the tr
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Accounting Principles are the rules and guidelines that companies should follow when reporting and accounting financial data. The general set of accounting principles are the gener
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