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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 its liabilities by purchasing items on credit. Metro's liabilities contains of accounts payable amounts owed to suppliers for previous purchases and notes payable written promises to pay a specific sum of money totalling USD 6600. Metro Courier Inc is a company. The owners' concern in a corporation is referred to as stockholders' equity. Metro's stockholders' equity comprise of USD 30,000 paid for shares of capital stock and retained earnings of USD 2,100.
Q. Example of Income statement of a merchandising firm? To recapitulate the more important relationships in the income statement of a merchandising firm in equation form -
what are the basics of accounting
Q. Summary of significant accounting policies? As part of their annual reports companies comprise summaries of significant accounting policies. These policies help users in int
Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
Q. What is Cyclic reporting? Cyclic reporting and the matching principle necessitate the preparation of adjusting entries. Adjusting entries are journal entries prepared at the
Q. What is Cost of goods sold? The second major division of an income statement for a merchandising business is cost of goods sold. Cost of goods sold is denotes to cost to the
Q. Describe about chain discount? Occasionally the list price of a product is subject to several trade discounts this series of discounts is a chain discount. Chain discounts s
Analysing and Recording Process Question A friend knows that you are studying the Business Accounting 1 course, so he approaches you and enquires about the steps of the ana
ACCOUNTING STANDARDS An Accounting Standard is a elected set of accounting policies or broad strategies concerning the principles and methods to be elected out of numerous subs
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