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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.
Q. Illustrate about accounting cycle? The accounting cycle is a series of points performed during the accounting period some throughout the period and some at the end to reco
Acid test ratio = 2.5, current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share holder''s fund = 15,00,000 Stock inventory =? Bank overdraft =? Share capital =
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
Determine the additional cash a company could obtain from its working capital accounts if it can improve its average collection period by three days and inventory turnover by 0.5 t
determine how the disallowance of LIFO will impact U.S. multinational firms that report under IFRS
A good purchased for $480 sells for $700. If the store's operating expenses are 30% of cost, what is the percentage markup on cost? A. 1.5% B. 10.57% C. 15.83% D. 4
How vital does Accounts receivable for small business and why? Ans) Accounts Receivables help small businesses by giving short-term liquidity. Also continued sales on cre
Accounting supposes that the business as an accounting entity will continue to operate for a long time in the future, unless there is superior evidence to the contrary. The enterpr
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
A great tool to import and certify transaction data from other financial systems and make invoices debit memos credit memos and on-account credits Setup steps: 1. Describe th
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