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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.
why Accountant prefer commercial substance than legal form?
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
Hi, I work at a non-profit that recently received a $250,000 stock donation which is payment for a $1M pledge. The donor has written in an e-mail that he would like to give us th
The balance sheet lists assets, capital and liabilities separately. This is an accepted convention about the assets and liabilities are demonstrated in sub groups and listed in the
are exploration costs assets to Mining companies?
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DOES THE ADOPTION OF IFRS BY DIFFERENT COUNTRIES NECESSARILY MEAN ACCOUNTING PROCEDURES AND PRACTICES THEY ADOPT WILL BE CONSISTENT AND COMPARABLE INTERNATIONALLY
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
#question STATEMENT OF COMPERIHENSIVE INCOME
GAAP are usually developed through professional accounting bodies as American Institute of Certified Public Accountants (AICPA) and ICAI that is Institute of Chartered Accountants
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