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What are the elements of accounting assets
Assets are items with money value which are owned by a business. Some instance are: cash, accounts receivable (selling services or goods on credit), equipment (store, office, delivery, etc.), and supplies store (, office, delivery, etc.).
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
Q. Explain about full disclosure principle? The full disclosure principle states that information significant enough to influence the decisions of an informed user of the finan
exploration costs for mining companies are assets?.
Q. What is Passage of title in transpotation? Passage of title is a term that point to the transfer of the legal ownership of goods. Title to the goods usually passes from sell
Q. What are simple journal entries? To understand the cross-indexing and posting process trace the entries from the general journal to the general ledger. The ledgers accounts
How to setup T accounts
Which of the following transactions does not involve an exchange of value? a. Payment of a debt b. Purchase of a building on credit c. Borrowing money d. Loss from theft
In accounting we create a distinction between business and the owner. All the records are maintained from the viewpoint of the business, quite than from that of the owner. An enter
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that wer
Capital In addition to borrowing from banks and additional sources, all companies obtain finance from their owners. This money is usually accessible for the life of the busines
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