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A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
The measurement of expense Accountants measure largely assets used in operating a business by their historical costs. Consequently they measure a depreciation expense resulting fro
partner investments, journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 o
what is meant by credit note
Q. What is Inventory? Inventory -- Supply or stock of products and goods that a company has for sale. Amanufacturer may have 3 kinds of inventory: raw materials waiting to be c
Debtors are the major role of the business. He is the whole back bone of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our
At the starting of the year, Hernandez Company had total assets of $872,310 and total liabilities of $497,500. (a) If total assets enhanced $147,320 during the year and total li
Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t
What does a business owner do when the cash balance approaches zero and there are bills to be paid? (Hint: look at the financing activities of the Cash Flow Statement and then lo
The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013: Materials Inventory as at 1 January 2013 $ 20,000 Materials
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