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Q. Purpose of adjusting entries?
In this section we exemplify each of the four types of adjusting entries asset/expense liability/revenue, asset/revenue and liability/expense. Observe example the trial balance of the Micro Train Company at 2010 December 31. As you are able to see Micro Train must adjust several accounts before it can prepare accurate financial statements. The adjustments for these accounts engross data already recorded in the company's accounts. In creating adjustments for Micro Train Company we must add several accounts to the company's chart of accounts shown in section 2 these new accounts are currently you are ready to follow as Micro Train Company makes its adjustments for deferred items. If you find the process perplexing review the beginning of this chapter so you clearly understand the purpose of adjusting entries.
Q. Example of Statement of retained earnings? Statement of retained earnings The statement of retained earnings as you remind is a financial statement that summarizes the trans
Q. Verifiability of Financial information? Verifiability Financial information has verifiability when independent measurers are able to substantially duplicate it by using the
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The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount
Q. Define purchase discounts and purchase returns? Two general deductions from purchases are (a) purchase discounts and (b) purchase returns and allowances. In the general ledg
Q. Misstatement of accounting information? The FASB describes materiality as the magnitude of an omission or misstatement of accounting information that in the light of surroun
Adjustments for financial reporting - Explain the basic characteristics of the cash basis and the accrual basis of accounting. - Recognize the reasons why adjusting entries
Company A has only been in existence for two full years as a public company. Prior to this, it was a segment of large multinational and was spun off as stand-alone, public company.
Q. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo
1. Mama's Fried Chicken bought equipment on January 2, 2010, for $15,000. The equipment was expected to remain in service 4 years and to perform 3,000 fry jobs. At the end of the
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