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Q. Show the company's Balance sheet?
Balance sheet the balance sheet Exhibit contains the liabilities, assets and stockholders' equity items taken from the work sheet. Note that the USD 8000 ending inventory is a current asset. The Retained Earnings account balance comes as of the statement of retained earnings.
The closing process usually takes place after the accountant has prepared the financial statements for the period. The closing process closes revenue as well as expense accounts by transferring their balances to a clearing account called Income Summary and then to Retained Earnings. The closing process reduces the revenue as well as expense account balances to zero so that information for each accounting period may be accumulated separately.
Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.on..
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
what is meaning by parallel accounts
What is Time orientation Financial accounting reports reflect position and performance of business for the past period. Essentially, they are backward looking. Management accou
Explain any two concepts of accounting with examples
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
On october 5 2011 mara hotel collectedmthe amount of 180000 repreesenting advanced rental from a tenant who occupies space of the building. tHe advanced rental willcover the period
Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
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