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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.
Q. Valuation of ending inventory? First a merchandising company should be sure that it has properly valued its ending inventory. If the resulting in an ending inventory is over
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Uses of the Profit and Loss Account 1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise
Are mailing lists are considered as prepaid or period expens?
Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
difference between credit and debit
Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction
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Tips to be keep in mind while preparing the Financial Statements : 1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjust
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