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Accounting process in operation
Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The company tenders beginning through advanced training with convenient scheduling. A small convoy of trucks transports personnel and teaching supplies to the clients' sites. The company lease a building and is responsible for paying the utilities.
We exemplify the capital stock transaction that occurred to form the company (in November) and the first month of operations (December). The accounting process utilized by this company is similar to that of any small company. The ledger accounts utilized by Micro Train Corporation are
Notice the gaps absent between account numbers (100, 103, 107, etc.). These gaps permit the firm to later add new accounts between the existing accounts.
The basic functions of a balance sheet are: 1. It provides the financial place of a company on any given date 2. It provides the liquidity picture of the concern. 3. It p
Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third
Q. What is Prepaid rent explain with example? Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays re
Q. Advantages and Disadvantages of FIFO? FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods
1. What are financial accounting, management accounting, and finance? What are their similarities and differences? 2. What information does a balance sheet provide? How do acco
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. False
Objective of Eight non-profit organization engaged in the conservation forest and wild animals
You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp
is accounting is an art or science
Financial accounting reports are mandatory to be prepared by the firms, and are scrutinized by auditors, creditors or Government or Tax authorities. But management accounting recor
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