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Q. What is accounting system?
Accrual basis, system, or method -- an accounting system which records revenues andexpenses at the time when transaction takes place,not at the time when cash changes hands. If you purchase acoat and charge it, store records or accrues the sale when you walk out with that coat, notwhen you pay your bill. Cash basis accounting is used by individuals. Accrual basis accountingis used by most businesses.
Q. Define Gains and Losses? Gains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other transactions and other events
Q. Can you explain about balance sheet? The balance sheet, sometimes called as the statement of financial position lists the liabilities, company's assets and stockholders' equ
INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The
Q. Economic substance of the transaction? In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that i
Q. Effects of failing to prepare adjusting entries ? Failure to organize proper adjusting entries causes net income and the balance sheet to be in error. You are able to see the
Critique the Ethics of those involved in the News of the World phone hacking scandal. Demonstrate in your critical analysis how the use of Ethics by the parties involved could have
Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei
CALCULATIONS VARIOUS QUESTIONS
briefly explain management process
Any activity which you perform is assist if you comprise a set of rules to guide your efforts. Moreover, you determine that these rules are of more value to you if they are standar
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