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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.
Purpose To assess your ability to: •apply REA ontology concepts to an organization •prepare diagrams for the identification of the flow of data through an organization
can you show me a sample balance sheet with retained earnings included?
Some the other concepts, as for example: the Matching concept, the Dual Aspect concept and the Realization concept are discussed in further sections, and as they have not been take
The transactions for February need to be processed on MYOB with the Username:n10026509 and no password and make sure the audit trail is on. Then Part B is a performance report. The
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
Earlier we defined accounting as the process of measuring, identifying and communicating economic information to permit informed judgments and decisions by the users of the informa
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
ABC Company uses cash basis accounting for its records. During 2010, ABC collected $400,000 from its customers, made payments of $300,000 to its suppliers for inventory, and paid
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
An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
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