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Which of the following about debits and credits is false?A. Credits increase revenues, gains and bonds payableB. Debits increase salaries expense and prepaid expenses (prepayment assetsC. Credits increase dividends payable, but debits increase dividends declaredD. Debits increase assets.E. Credits increase liabilities, expenses and losses
A company pays rates annually/yearly in advance on 1 April every year. $4000 is paid by them on 1 April 2009 and $4800 on 1 April year 2010. The company's accounting year end is 31
The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code has b
What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea
Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
define accounting. Briefly explain its concepts
What is the implication of applying accounting concepts wrongly
Explain the Terms of Payment Revolving charge plans are set up so that you can pay a percentage plus a finance charge on a monthly basis. Credit terms - allow purchaser a
If my company sells 4000 shares of common stock for $86,400, how do I record this in the Journal?
Q. Inventories and revenue recognition? Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determi
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa
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