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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.
In 1973 and independent seven-member full-time Financial Accounting Standards Board (FASB) replaced the Accounting Principles Board. The FASB has published numerous Statements of F
1. Trading account is prepared so as to calculate gross profit or loss, whereas the function of the profit and loss account is to disclose net profit or loss. 2. Trading account
Within today's international business environment, there has been a great deal of discussion about the convergence of United States accounting standards (also known as GAAP), with
Hello, I am interested in help on an ACCO 310 case which is due on Tuesday the 13th at 12 PM. Please contact me at your earliest convenience and hopefully we can work something ou
GAAP are usually developed through professional accounting bodies as American Institute of Certified Public Accountants (AICPA) and ICAI that is Institute of Chartered Accountants
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
The term goods refer to articles that are traded through the firm articles bought for resale. For illustration, for book seller, books are goods, for an electrical store fans, fo
Where does a poo make its way from?
We have a demonstration instrument that was paid for years ago. How do we get it back on our books as an asset?
Q. Financial consequences of business decisions? When nowadays college students are polled about their long-term career choice an astonishingly large number respond that they w
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