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Q. Show Periodicity concept?
As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or years) to report the results of its economic activities.
Now that you know business transactions and the five basic accounting assumptions you are ready to follow some business transactions step by step. To start we divide Metro's transactions into two groups (a) transactions affecting only the balance sheet in June and (b) transactions affecting the income statement and the balance sheet in July. Note that we could as well classify these transactions as investing, operating or else financing activities as shown in the statement of cash flows.
what is the implication of applying accounting concept wrongly
The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t
DEFINITION OF COST ACCOUNTING DEFINITION: as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t
The major difference in the statement of retained earnings between a service business and a Merchandising business is A. that the retained earnings statement of a merchandisi
AsCompare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.k question #Minimum 100 words accepted#
Research the major funds of your state or local government and nonprofit organizations. • What are the major funds of your state or local government, and how do they differ in n
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
How many kind of Assets?
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Q. Show Purchase Returns and Allowances account? Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may d
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