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The range of accounting can be presented in a diagrammatic form.
Data collection and creation is the area that provides raw material for accounting. The data collected is 'historic' means that this refers to events that have previously taken place. Previously, accounting was largely concerned along with what had occurred, quite than making any attempt to predict and get ready for future.
After the historic data has been composed, this is recorded in accordance along with generally established accounting theory. A huge number of transactions or events have to be entered in the books of original entry as journals and ledgers in accordance along with the classification scheme previously decided upon. The processing and recording of information generally accounts for a substantial part of whole accounting work. Such type of activity of accounting may be termed as recordative. The processing technique utilized for recording may be manual, electronic or mechanical. Computers are also utilized broadly in modern business for doing such job.
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
the consequences of non-compliance of each of the accounting concepts.
Q. What is Current liabilities? Current liabilities are debts due inside one year or one operating cycle whichever is longer. The payment of current liabilities usually require
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
I want to do my assignment with in 4 days
Illustrate about the matching principle This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be a
my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
Purchased trucks and office equipment for cash Metro paid USD 20000 cash on behalf of two used delivery trucks and USD 1500 for office equipment. Office equipment and Trucks ar
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $75
A firm is evaluating two machines. The first costs $250,000 and will require annual maintenance of $30,000 per year for 10 years. At the end of 10 years, the salvage value will b
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