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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.
UNITs UNIT COST UNIT SALE PRICE AUG 3 SALE 45 $ 83 8 PURCHASE 75 $ 52 21 SALE 70 $ 85 30 PURCHASE 10 $ 55 Decorative steel began August with 55 units of iron inventory th
Q. Horizontal and vertical analysis? Management carry out horizontal and vertical analyses along with other forms of analysis to help evaluate the wisdom of its past decisions
Q. What is Income Summary account? The Income Summary account is a clearing account used merely at the end of an accounting period to summarize revenues and expenses for the pe
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.
Balance Sheet A balance sheet is a statement for presenting an organization financial position at a particular date, mostly at the end of an accounting period; also calle
When does something that is a debit becomes a credit?
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
Internal Auditor: Internal Auditor is a worker of the organization in contrast to an external auditor who is paid a fee for his employment. The internal auditor is responsible for
DEFINE THE FICA TAX PAYABLE AND SUTA TAX PAYABLE FICA TAX PAYABLE-OASDI. Same account is used to record both employees' and the employer's share. Credited to record taxes i
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