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You must be aware about the most of business are made through cheques these days. It involves the bank whether the firm has opened its own account. Thus when payment is made by cheque, you will credit the Bank Account as bank is the giver. While payment is received by cheque, the amount will be debited to the Bank Account as cheque is deposited in the bank who is the receiver.
Accounting Concepts: The dual aspect principle has specific relevance to balance sheet. According to this principal, every transaction is concerned as one that has dual ef
Comprising examined the conceptual origin of the balance sheet we will here try to study the balance sheet by itself. We have observed that every transaction influences the financi
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Explain in Details Return on Investment
Which ratio measures a business' average payment period? A. current ratio B. liquid ratio C. trade payables turnover D. trade receivables turnover
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1) List every item debited or credited in the Profit and Loss account. 2) Illustrates the difference among Trading Account and Profit and Loss Account. 3) Illustrates t
When is working capital most likely to increase? A when the business increases its selling prices B when the credit period allowed to customers is reduced C when the credit pe
The Opening Stock of goods is the stock of goods in hand at the start of an accounting year. It may contain stock of raw material, work-in-progress and finished goods. It appears i
These are amounts owed to the company through debtors. This is the purpose why we also utilize the term sundry debtors to indicate the amounts owed to the firm. This signifies amou
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