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Personal Account is an account for use by an individual for their own requirements. It is a relative term to distinguish the said accounts from those accounts for corporate or business use.
The Dividends account increases (debited) as well as an asset cash decreases (credited) by USD 3000. Transaction 15 brings to a close the analysis of the Micro Train Company transa
Accountants frequently cite the going-concern assumption to justify using historical costs rather than market values in measuring assets. Market values are of less implication to a
#questiSean Corp. issued a $60,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end of the
A lobster catcher spends $12 500 per month to maintain a lobster boat. He plans to catch an average of 20 days per month during lobster season. For each day, he must allow approx
FINANCIAL STATEMENT ANALYSIS Following the preparation of the Financial Statements, they are examined by the business for the reason of analyzing the presentation of the compan
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
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
Q. Explain about Percentage of completion method? The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To ca
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t
Calculate, CPA, is compiling a cash flow statement for his client, Happy Hal Printing. Over the course of the year Happy Hal acquired new equipment by putting down half of the purc
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