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Q. Underlying assumptions or concepts of accounting?
The major underlying assumptions or concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) stable dollar and (e) periodicity. This segment discusses the effects of these assumptions on the accounting process.
Data collect in an accounting system must relate to a specific business unit or entity. The business entity concept assumes that every business has an existence separate from its employees, owners, creditors, interested parties, customers and other businesses. For every business such as a horse stable or a fitness centre the business not the business owner is the accounting entity. Consequently financial statements are identified as belonging to a particular business entity. The content of these financial statements reports merely on the resources, activities and obligations of that entity.
John is considering the best capital structure for his firm. Suppose there are two capital structures for him to choose from. Structure A would have 7,000 shares of stock and $160,
Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
How do you round up to one decimal point using percentages? Example 0.207 Thanks
Q. Objective of Recording business transactions? - Use the account as the essential classifying and storage unit for accounting information. - Articulate the effects of busi
Q. Uses of technology in accounting? The computers of persons in a given building or department are frequently connected in a Local Area Network (LAN). These persons are able t
Corporations are subject to specific corporate tax rates different from those for individuals. True False
Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti
FICA Tax (Social Security) Both the employee and the employer contribute equally. OASDI has a Taxable Wage Base that is the maximum amount of earnings during a calendar y
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
Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depre
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