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Accounting
Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary system on which the accounting system is based is called as Generally Accepted Accounting Principles (GAAP) and Accounting Standards. Accounting principles are broad guidelines for general applications; they permit a huge variety of methods and practices. Accounting Standards are formulated along with a view to harmonise various accounting policies and practices in use in a country. The goal of Accounting Standards is, therefore, to decrease the accounting alternatives in the preparation of financial statements inside the bounds of rationality, through ensuring comparability of financial statements of various enterprises with a view to give meaningful information to several users of financial statements to enable them to make informed economic decisions.
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
The formula for computing additional paid-in capital in excess of par is shares of stock times Saturday
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
Q. What do you mean by partnership? A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the bu
Q. Define the Opportunity cost? Opportunity cost -- a useful notion in evaluating alternate opportunities. If you choosealternative A, you can't choose B, C, or D. What is the
can a buyer still avail the 2% discount if he/she partially paid the accounts receivable at the 5th day and the full payment is on the 10th day of the given discount period in th
Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to
Q. Show Advantages and disadvantages of LIFO? The advantages of the LIFO method are based on the fact that prices have risen almost constantly for decades. LIFO supporters clai
what accounts go into a balance sheet
Q. Show the company's Balance sheet? Balance sheet the balance sheet Exhibit contains the liabilities, assets and stockholders' equity items taken from the work sheet. Note tha
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