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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.
In the current year, Madison Corporation had $50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a warranty l
Q. Illustrate Accounting ramifications? Accounting ramifications i) Restatement ii) Unable to file on timely basis while go back and determine what periods are effected
1.what are the various fields of accounting and how do they differ? 2. how are revenues and expenses affect the owners' equity account? 3. why are revenues and expenses recor
Steps in preparing the consolidated balance sheet Step 1 : Prepare the 3 important accounts i.e. cost of control to determine goodwill Group retained profits Mino
Q. What is Permanent Negotiating Machinery? Two Federation of Union All Indian Railway men's federation (AIRF) & National Federation of Indian Railway (NFIR) men have been reco
depreciation in question is given more and in adjustment is less. What would be in the profit and loss account?
Do you anyone on staff with the above experience? Notes cannot be copied from any real company''s financial report.
Whereas dividend may be of prime significance to some equity shareholders, this may not be so for the other shareholders. Several shareholders may be interested in receiving a usua
Absorption costing is a cost accounting method that tries to charge all direct costs and all production costs of an organization to specific units of pr
question 5 chapter 5
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