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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 books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later
Difference between Income Statement and Balance Sheet Difference between the amounts of the columns in Income Statement and Balance Sheet should be the same amount. Words "Net
A portion of company profits allocated by an employer, in good years, to an employee's trust.Contributions on behalf of every employee are expressed as a percentage of salary with
I submitted an assignment this morning and have heard nothing back
Q. Show Advantages and disadvantages of weighted-average? Advantages and disadvantages of weighted-average when a company utilizes the weighted average method and prices are ri
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
Q. What is Fixed cost? Fixed cost -- a cost that doesn't change as sales volume changes (in the short run.) Fixedcosts generally include such items as rent, interest, depreciat
what is the basic meaning of debit and credit
Q. Explain Merchandise in transit? Merchandise in transit is merchandise in the hands of a shipment company on the date of a physical inventory. As stated above buyers should
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
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