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Q. What is Current liabilities?
Current liabilities are debts due inside one year or one operating cycle whichever is longer. The payment of current liabilities usually requires the use of current assets. Balance sheets list current liabilities in the order they should be paid the sooner a liability should be paid the earlier it is listed. Instance of current liabilities follow.
Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and
Corporations frequently invest in securities issued by other corporations. Some investments are acquired to secure a favorable business relationship with another company. On the ot
implication of applying aacounting concept wronly
Q. Illustrate about accounting cycle? The accounting cycle is a series of points performed during the accounting period some throughout the period and some at the end to reco
Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)
What are the golden rule of accounting how to pass journal entry when strating bussines what
Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the
Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop
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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