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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.
Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat
Generally Accepted Auditing Standards (GAAS) - Standards set by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which concern AUDITOR'S professional qualities and judgme
The fundamental concepts, discussed in the previous paragraphs, are the core components in the theory of accounting. Such concepts as postulates or conventions, although, permit a
Two friends, Joe and Bill, both have carpentry skills and decide to go into business as partners together ?tting kitchen cabinets. Joe's uncle has agreed to provide £20,000 of capi
Explain the process involved in accounting
Q. Example of Income statement? Income statement demonstrates the income statement Lyons prepared. The focal point in this income statement is on determining the cost of goods
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
Unlike a rigid commitment providing where a price is set and a fixed monetary amount is predictable, the underwriter makes its best efforts to sell as many shares as likely at the
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below. Q d = 424 - 40P Q s = 40 + 8P a. What is the equi
Perth Ltd acquired 80% of the share capital of Summer Ltd on 1 July 2011. The following equity balances appeared in the records of Summer Ltd at the date of acquisition: Share capi
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