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Q. What is Articulate?
The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided effect on each party engaging in the transaction. Therefore to record a transaction each party debits at least one account and credits at least one account. The total debits equal the total credits in every journal entry. When learning how to prepare work sheets in section 4 you learned that financial statements are basically related and articulate (interact) with each other. For instance we carry the amount of net income from the income statement to the statement of retained earnings. Then we hold the ending balance on the statement of retained earnings to the balance sheet to bring total assets and total equities into balance.
Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason
Richard Hamilton has a fast - food franchise and must pay a franchise fee of $35000 plus 3% of gross sales. In terms of cost behavior, the total cost is a: a) variable cost b
Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. Al
Q. Sales discounts and Sales returns? Sales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early payment of an amount due
Received and paid the telephone bill for $231 including GST
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
Balance Sheet Classi?cations and Relationships Shelley and Co. has the following balance sheet elements as of December 31, 2012. Land. . . . . . . . . . . . . . . . . . . . . . . $
the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later
A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
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