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What is OWNER'S EQUITY
Difference between Liabilities and Assets is Owner's Equity. The can also be known as capital, proprietorship, or net worth.
1. State the equity equation. 2. Which account represents the beginning equity figure? 3. In which accounts are changes to equity recorded? 4. How do drawings affect the calculati
Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one
Illustrate about the matching principle This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be a
Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
what is assets and its type ?
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
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
Q. Describe about Assets? Assets are things of worth owned by the business. They are as well called the resources of the business. Illustration includes machines, cash and buil
Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000 an is expected to produce 50,000 units in its lifetime. During the first year of
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