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Financial statements
Summaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an accounting period. Accounting period typically is one year; though, it can be any length of time for that records are maintained. Generally the minimum is one month and maximum length of time is one year for financial statements.
There are various financial statements. You are going to prepare Income Statement, Statement of Owner's Equity, and Balance Sheet. These should be completed in that order. It is very significant to always check your numbers as an incorrect number would affect more than one statement.
How many kind of Assets?
The net cash provided by operating activities is affected by
Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.
The company borrowed 30 000on September 1, 2011. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate
Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
Liquidity Ratios (Short Term Solvency Ratios): These Ratios calculate the capability of the firm to meet its current obligations. They point out whether the firm has enough li
Angel Individual investors which are often called angels, make capital investments in entrepreneurial ventures in return for equity (partial ownership) in the industry. These
Lego Toys is planning to produce new toys at its factories. The setup cost of the production facilities, production costs and profits for each toy are given below: Toy Setup c
what does office stationery at year end classify as? asset or expense?
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
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