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Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
Q. Explain about accounting applications? Early on accounting applications were in accounts receivable, payroll, accounts payable, and inventory. Within some years programs exi
a 50 petty cash fund has cash of 20 and valid receipts for 40. The entry to replenish the fund would include a
Illustrate the subsequent Accounting Concepts: a) Dual Aspect concept b) Materiality concept c) Matching concept d) Conservatism concept
Q. What is Prepaid rent explain with example? Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays re
Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage
stpes to be taken prepaing for final accounts
Q. Example of adjusting entries? Regulate entries bring the amounts in the general ledger accounts to their proper balances before the company prepares its financial statements
Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed. ? Enter the J
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
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