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Q. What do you understand by Exempt Organization?
Exempt Organization - Organization that is normally exempt from paying federal income tax. Exempt organizations comprise religious organizations, social clubs, charitable organizations, and others.
Q. What is Leveraged Lease? Leveraged Lease - Transaction under which LESSOR borrows funds to acquire property which is leased to a third party. Property and lease rentals are
duality concept
Defunct Companies A company may be dissolved under s.338 without winding up if the registrar has reasonable cause to believe it is defunct: The procedure is: a. Registrar writ
Minority interest (MI) When the holding company owns less than 100% of the ordinary share capital of the subsidiary company then the other balance is held by minority interest. T
Conversion of members' to creditors' winding up If the liquidator in a members' winding up forms the opinion that the company will not be able to pay its debts in full within t
During construction of a building, the cost of interest on a construction loan should be charged to an expense account
Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June: a. Purchased, o
Red Herring -‘Pre-release' PROSPECTUS offering. An announcement of a future issuance of SECURITIES, given restricted circulation during waiting period of 20 days or other specified
Emily Jackson, RSC Designs management accountant, is in charge of preparing the master budget for 2013. She has gathered the following information: 1. Annual profit for the 201
What is a cash budget? How it is useful in managerial decision making?
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