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Q. Show double-entry procedure or duality?
In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we debit one account (or accounts) for USD 100 we should credit another account (or accounts) for a total of USD 100. The accounting requirement that every transaction be recorded by an entry that has equal debits and credits is called double-entry procedure or duality.
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
When common stock has a par value of $2 and a market value of $15: 1.) the liability of the stockholders is $13 per share 2.) there will be additional paid-in capital of $1
After going through this section, you should be capable to: Appreciate the needs for a conceptual framework of accounting; understand and appreciate the Generally Accept
Q. Measurement in financial statements? In December 1984 the FASB issued Statement of Financial Accounting Concepts No. 5 The Recognition and Measurement in Financial Statement
When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?
Q. Describe about ledger? A ledger (general ledger) is the absolute collection of all the accounts of a company. The ledgers are feasibly in a bound volume in, loose-leaf form
I need help understanding and filling out an income statement packet!
current and non current liabilties
Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
Q. Introduction to inventories? Subsequent to studying this chapter you should be able to - Record the journal entries for sales transactions involving merchandise. - Exp
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