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What is Post closing trial balance
This statement would only show permanent accounts with a balance; all temporary accounts must have a zero balance. Credits and Debits must balance.
Fiscal Period is any period of time covering the complete accounting cycle. Twelve consecutive months is a fiscal year irrespective of starting dates.
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
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What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
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What are the golden rule of accounting how to pass journal entry when strating bussines what
Carrying amounts of merchandise materials as well as supplies inventories are generally determined on a moving average cost basis and are stated at the lower of cost or market.
solutions for chapter 8
Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In
Q. Economic substance of the transaction? In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that i
In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer during the year. Assume that variable costs were 75% of the cost of goods sold and 40% of selling,
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