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Q. What is journal?
In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increases and decreases in that account. Therefore all the effects of a single business transaction wouldn't appear in any one account. For illustration the Cash account contains only data on changes in cash and doesn't show how the cash was generated or how it was spent. To comprise a permanent record of an entire transaction the accountant uses a book or record known as a journal.
Q. Describe the Cost of sales? Cost of sales, cost of goods sold -- expense or cost of all items sold during an accountingperiod. Every unit sold has a cost of sales or cost of
when creating a trial balance, which account balances carry over from previous months
The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $
Common size Financial Statements: Below this process, the total of the tasks side and the total of the possessions side of a Balance Sheet are taken as 100 and each item in
Q. Horizontal and vertical analysis? Management carry out horizontal and vertical analyses along with other forms of analysis to help evaluate the wisdom of its past decisions
Purchase of office supplies what is the account classification?
Q. What is journal? In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increase
Q. Example of Unearned service fees? Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm
Compute each of the following amounts Company reported current assets of $80,000, non-current assets of $350,000, current liabilites of $32,000 and long term liabilities of $120,00
Difference between Debit and Credit Debit- used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period
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