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Q. What do you mean by Contingent liabilities?
Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a company is being sued, it has a contingent liability which will become areal liability if company loses the suit.
"Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the
differenciate between a cash book and a ledger
Explain the types of Financial Statements Income Statement . This is a summary of a business's expenses and revenue for a specific period of time. It ONLY shows expenses and r
Explain the term- Salaries Expense and payment The Accounting Entry for Employee Earnings and Deductions Employer is the "agent" who is responsible for withholding the a
Q. Show accounting deception situations? In 2002 The Sarbanes-Oxley Act was approved. The Act was approved as one result of the large losses to the employees and investors from
i dont undrstnd t concepts of assets and liabilties n also journal entries thnks
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
what would be the entry for-"rent recieved in advance"
Q. Explain about Cost of goods sold? Cost of goods sold is the main expense in merchandising companies. Note the cost of goods sold segment of the classified income statement i
Q. Example of lower-of-cost-or-market method? A company may perhaps apply LCM to each inventory item such as Monopoly each inventory class (such as games) or total inventory. T
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