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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.
1. An accountant records a transaction when cash is paid or received under which basis of accounting? cash deferred accrual liability 2. When unearned revenue is initially rec
The career paths outlined above don't nearly cover all of the many professional options available to tax specialists. For instance are you concerned that a traditional tax accounti
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
I chose table 2-4 Loan Amortization Schedule, $100,000 at 6% for 5 years to discuss. Table 2-4 relates to the other two tables in that it is the opposite of the other two tables. T
data dictionary
Q. What do you mean by Net sales? We demonstrate a condensed income statement to emphasize its major divisions. Next, we explain the more complete income statement actually pre
Q. Explain about Accrual basis and periodicity? Accrual basis and periodicity demonstrated that financial statements more accurately reflect the financial status and operations
Accountants frequently cite the going-concern assumption to justify using historical costs rather than market values in measuring assets. Market values are of less implication to a
How do you do cross-indexing?
A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random
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