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PROFIT AND LOSS ACCOUNT CONCEPTS: The initial point in accepting the profit and loss account is to be clear about the Significance of "profit". Profit is the return for taki
What if the public holiday falls on a rest day? how to pay and which one is?
What does a business owner do when the cash balance approaches zero and there are bills to be paid? (Hint: look at the financing activities of the Cash Flow Statement and then lo
Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.
Internal control devices for banking activities include signature cards, deposit tickets, checks, and bank statements. 01.) True 02.) False True or False?
Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
HOW TO DO DOUBLE ENTRY QUESTIONS
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
What is the implication of applying accounting concepts wrongly
A user buys a new transponder for $20. What debit and credit entries would need to be made?
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