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Q. Transactions affecting only the balance sheet?
Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before actually recording it is an important part of financial accounting. An fault in transaction analysis results in incorrect financial statements.
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.
Distributions to owners are reducing in equity of a particular business enterprise resulting from transferring rendering services, assets or incurring liabilities by the enterprise
What is the relationship of accounting and biology?
A bank statement showed an overdraft of $750. A cheque issued in payment of rent for $570 had not been presented, and a cheque for $624 received was omitted from the statement. The
A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random
format of the account
Jane and Walt form Orange Corporation. Jane transfers equipment worth $475,000 (basis of $100,000) and cash of $25,000 to Orange Corporation for 50% of its stock. Walt transfers
Spin off is making new company by selling or distributing the shares of existing company
A machine valued on the books at $8500 was sold on credit to $8000.
What steps would you take before approving an invoice for payment? Ans) Following steps should be taken.. ? Certify the invoice once it is matched for checking any holds..
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