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Q. What is Public accounting?
Public accounting firms offer professional accounting and related services for a fee to organizations, other companies, and individuals. An accountant may perhaps become a Certified Public Accountant (CPA) by passing an examination prepared and graded by the American Institute of Certified Public Accountants (AICPA). The exam is managed by computer. Additionally to passing the exam CPA candidates should meet other requirements which include obtaining a state license. These necessities may vary by state. A number of states necessitate a CPA candidate to have completed specific accounting courses and earned a certain number of college credits five years of study in many states worked a certain number of years in industry, public accounting, or government and lived in that state a certain length of time before taking the CPA examination. Since the year 2000 five years of course work were required to become a member of the AICPA.
Q. Purpose of adjusting entries? In this section we exemplify each of the four types of adjusting entries asset/expense liability/revenue, asset/revenue and liability/expense.
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
Invoice is a text which haves the under mentioned details compulsorily. 1. Invoice Number 2. Name and address of the person 3. Invoice date Name and address of someone
Debenture holder are those who gives long term loan at specific interest rate in term of cas. Creditor gives only short term credit in term of cash for purchasing of goods.
State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat
What are the elements of accounting assets Assets are items with money value which are owned by a business. Some instance are: cash, accounts receivable (selling services or g
what are the levels of accounting theory
Accounting for payroll Employer Taxes and Reports Everyone who works should have a social security number. All employers in this country who have at least one employee should h
20 hypothetical inventory transactions both sale and purchase
My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order g
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