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Formed under the Securities and Exchange Act of 1934 the SEC (Securities and Exchange Commission) is a government agency that administers important acts dealing with the interstate sale of securities (stocks and bonds). The Securities and Exchange Commission has the authority to prescribe accounting and reporting practices for companies under its jurisdiction. This comprises virtually every major US business corporation. In its place of exercising this power the Securities and Exchange Commission has adopted a policy of working closely with the accounting profession especially the FASB in the development of accounting standards. The Securities and Exchange Commission indicates to the FASB the accounting topics it believes the FASB should address.
i buy machine 70% cash 30% installments.i have charged 100% cost to asset and capital so when i pay first installment i debit installment expense and credit bank so my question is
Organize the Trading Account from the subsequent details: Office Rent Rs. 5,000;Purchases Rs. 80,100; Opening stock Rs.25, 000; Stock at the end Rs. 15,000; Carriage Inward Rs.
To establish and implement an accounting system for Trigon Corporation, using MYOB accounting software. Needed: 1. Make and print a suitable chart of accounts in MYOB
#question STATEMENT OF COMPERIHENSIVE INCOME
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
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
In view of company being faced with huge write-downs to the carrying values of their intangible assets, what are the current AASB reporting requirements for intagibles and does the
These comprise goods purchased only for production and selling purposes. Goods utilized as assets and not for sale are not comprised in this head. Net purchase is the dissimilarity
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
Accounting like a field of study in its developmental process has evolved a theoretical framework consisting of concepts or principles over period of time. Such concepts enjoy a wi
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