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Q. What do you mean by work sheet?
The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusting and closing entries and to prepare the financial statements. Typically they save these work sheets to document the end of period entries. A work sheet is merely an accounting tool and not part of the formal accounting records. Consequently work sheets may vary in format some are prepared in pencil thus that errors can be corrected easily. Other work sheets are organized on personal computers with spreadsheet software. Accountants prepare work sheets every time financial statements are needed that is monthly or quarterly or at the end of the accounting year.
Exercise 5-2 - Harwick company. 1) On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2)On April 6, paid freight costs of $
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
Concept of 'Fund' : The word 'Fund' has a range of meanings. several people take it identical to cash and for them, there is no dissimilarity between Cash Flow and Funds Flow
Q. What is Fixed cost? Fixed cost -- a cost that doesn't change as sales volume changes (in the short run.) Fixedcosts generally include such items as rent, interest, depreciat
what do you mean by 90% of the entire issue to be received before the allotment of shares?
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
Q. Explain about Merchandise inventory? Merchandise inventory is the quantity of goods assumed by a merchandising company for resale to customers. Merchandising companies verif
what is the basic meaning of debit and credit
Q. Last-in first-out inventory? LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first
AsCompare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.k question #Minimum 100 words accepted#
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