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Q. What is T-account?
To exemplify recording the increases and decreases in an account texts use the T-account which appear like a capital letter T. The name of the account such like Cash appears across the top of the T. We record enhance on one side of the vertical line of the T and decreases on the other side. A T-account look as follows
An accounting perspective: Business insight
Have you yet considered starting your own business? If subsequently, you will require understanding accounting to successfully run your business. To identify how well your business is doing you should understand and analyze financial statements. Accounting information as well tells you why you are performing as reported. If you are in business to develop or sell a certain product or perform a specific service you can't operate profitably or consider expanding unless you base your business decisions on accounting information.
For instance if you an owner invest cash in your business the company's assets increase as well as its stockholders' equity increases. This result was exemplify in the summary of transactions. In the subsequent steps in posting and recording the effects of a business transaction sections we use credits and debits and the double-entry procedure to record the increases and decreases caused by business transactions.
Is there nay depreciation needed to perform when the revaluation model is applied to the asset?
How many kind of Assets?
Q. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
10% preference share 336 ooo ordinary share capital 480 000 prepare a statement of profit or loss
Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods
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Honesty AL, CPA, is compiling financial statement of significant accounting policies, Honesty AL discovers that the method used to value inventory in the past was stated as "invent
Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. T
Q. Illustrate a sales cycle of company? When exploratory a company's management, sales cycle and users of financial data must be aware of any seasonal changes that may affect i
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