use of accounting in daily life, Accounting Basics

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Whats the use of accounting in our everyday life?

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Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t

Secret trails received payment in full within the credit, Secret Trails rec...

Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record

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Q. What is Marginal cost and marginal revenue? Marginal cost is the extra cost incurred by addingone more item. Marginal revenue is revenue from selling one more item. Economic

Describe about expense, Q. Describe about Expense? Expense -- an expend...

Q. Describe about Expense? Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditu

Business transactions and the accounting equation, Business transactions an...

Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction

A physical inventory on december 31 shows 2, a physical inventory on decemb...

a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv

Accounting principle , The salaries paid in 2004 is Rs. 5,00,000; Salaries ...

The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding  is  Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Wh

Verifiability of financial information, Q. Verifiability of Financial infor...

Q. Verifiability of Financial information? Verifiability Financial information has verifiability when independent measurers are able to substantially duplicate it by using the

The process of adjusting the bond interest expense account, The process of ...

The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount

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Q. Define Gains and Losses? Gains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other transactions and other events

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