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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.
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
Write notes on 5 modern accounting techniques
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
Determining the Discount Rate XYZ (APP) Ltd is a biotechnology company that recently listed on the Australian Securities Exchange (ASX). As such, XYZ Ltd has very limited stoc
What time is it?
What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
Weighted-average under periodic inventory procedure the weighted-average method of inventory costing is a income of costing ending inventory using a weighted-average unit cost. Com
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou
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