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Q. What is accrual basis of accounting?
In the following illustration, notice that every business transaction affects two or more accounts in the ledger. As well note that the transaction date in both the general journal and the general ledger accounts is the same. In the ledger accounts and the date used is the date that the transaction was recorded in the general journal even if the entry isn't posted until several days later. Our illustration shows the journal entries posted to T-accounts. In fact firms post journal entries to ledger accounts.
Accountants utilize the accrual basis of accounting. In the accrual basis of accounting they recognize revenues when the company makes a sale or performs a service regardless of when the company receives the cash. They are familiar with expenses as incurred whether or not the company has paid out cash. Section 3 examines the accrual basis of accounting in more detail.
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $75
owner got personal loan from his bank and sign note payable.what is the journal entries?
Do you enjoy college life? Do you enjoy teaching others? If therefore you might want to consider a career as a college professor. Even though a position as a college professor may
Numerous accounting organizations have codes of ethics governing the behaviour of their members. For example both the American Institute of Certified Public Accountants and the Ins
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Q. What is classified balance sheet? The balance sheets we presented thus far have been unclassified balance sheets. An unclassified balance sheet has three major categories li
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
contributed her $10000 in exchange for $1000 of the shares. this was deposited into a new corporate bank account she set up with TD canada trust
Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
How accounting helps in Internationalisation of businesses Internationalisation of businesses has created a need for accounting rules to have an international reach. It can no
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