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Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
Q. Show Timing of expense recognition? The timing of expense recognition The matching principle entail that a relationship exists between expenses and revenues. For definite ex
Question: You have decided to borrow $20,000 so that you can consolidate the loans you currently have with other lenders. You have agreed to repay the loan in 8 equal semi-annu
does immaterial items have to be recorded
Part 1: Students should consult with appropriate personnel in order to undertake an assessment of the client’s financial needs. Students must undertake an interview / consultation
The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r
Q. What do you mean by Stock? Stock -- a certificate (or electronic or other record) which indicates ownership of a portion of acorporation; a share of stock. Preferred stock p
You have been engaged internal auditor by the management of Alden proprietary limited to review its internal control over the purchases, receipt, storage and issue of raw material.
Q. Explain sales return? A sales return is merchandise return by a buyer. Buyers and Sellers regard a sales return as a cancellation of a sale. Otherwise some customers keep un
Q. Example of current ratio? The current assets and current liabilities and current ratios of some other companies as of the third quarter of 2001 were As you are able to se
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