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Q. What do you understand by Goodwill?
Goodwill -- in accounting, difference between what a company pay when it buys theassets of another company and book value of those assets. A number of times, real goodwill isinvolved - a company's good reputation, loyalty of its customers and so on. A number of times,goodwill is an overpayment.
Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
Government: In a mixed economy this is seems to be the duty of the Government to direct the operation of the economic system in that a way which it subseries the general good. Con
Q. Explain about Prepaid insurance? The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this en
Explain any two concepts of accounting with examples
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
GAAP that is Generally Accepted Accounting Principles encompass the conventions, rules and processes necessary to explain accepted accounting practice at an exact time........gener
Explain the term- Salaries Expense and payment The Accounting Entry for Employee Earnings and Deductions Employer is the "agent" who is responsible for withholding the a
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas
Implication of applying accounting concept wrongly
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