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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.
When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?
tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather
Materiality Concept: There are several events in business that are trivial or insignificant in nature. The cost of reporting and recording such events will not be justified th
stpes to be taken prepaing for final accounts
A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the
Q. Explain Accounting entity concept? Business entity concept (or accounting entity concept). Data assemble in an accounting system relates to a specific business unit or entit
Accounting conventions The phrase 'convention' is used to signify customs or ethnicity as a guide to the research of accounting statements. A variety of accounting conventions
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
20 hypothetical inventory transactions both sale and purchase
Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r
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