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Accounting objectives
Accounting has two main objectives:
If the owners of an enterprise want it to earn more profit, they must increase the volume of turnover. As turnover increases, the enterprise must expand physically; as it expands, it will create departments, which deal with different lines of sales or services; there is a limit to the physical expansion at a single site–and the market there is also limited. Hence, enterprises set up branches, so that expansion can be continued. The need then arises to control the assets, liabilities, income and expenditure of the different departments and/or branches.
1 The entry establishing a $175 petty cash fund would include a: a) debit to cash for $175 b) credit to Petty cash for $175 c) debit to petty cash for $175 d) debit to miscellaneou
How do I treat with Expenses Outstanding, for example, Marketing Expenses outstanding at year end is $1250. How do I adjust?. It is a note under the trial balance.
conduct a-what-if-analysis
Will you please summarize this mission statement of AICPA'S "The AICPA's mission is to provide members with resources, information and leadership that enable them to provide val
Do you anyone on staff with the above experience? Notes cannot be copied from any real company''s financial report.
State the relationship between return and risk This relationship between return and risk has significant implications for setting financial objectives for a business. Owners wil
Q. Conclusion on Overtrading? The majority of the evidence suggests that our company is moving into an overtrading situation, although the evidence is not conclusive. Current p
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Q. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. a current year revenue or expense account.
Equitable apportionments There are five leading cases where the courts have laid down rules to meet specific situations in which there is a conflict of interest between life tena
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