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Q. What are Service companies?
Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early section of this text describes accounting for service companies.
Ask 1. What is the organization that is responsible for setting International Financial Reporting Standards? 2. What is the main company that Professor Levine uses for illustratio
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
Q. Goal of financial reporting? The second goal of financial reporting is to provide information to help present and potential investors and creditors and other users in assess
Q. What is Comprehensive income and Revenues? Comprehensive income is the alter in equity of a business enterprise during a period from transactions and other events and circ
Q. Show Transactions affecting the income statement? To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
Read it once and answer, if The following items appear on a balance sheet. $ Inventory balance at bank cash in hand trade
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
#quesDance fans switch away from dance music to R&B music AND the price of MP3 players decreases. tion..
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