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1) A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause.A) the net income for the period to be understand.B) the net income for the period to be overstated.C) the control account to not agree with the subsidiary ledger.D) the sales account to be understated
Assets 1) The classification of investments in the Balance Sheet will be under a few broad headings with schedules listing the individual assets. Where the Trustees Act has been
On May 19, 2010, Kim placed in service a LIGHT VAN that cost $54,850. It is used 80% for business each year. What is the maximum cost recovery deduction available for the van in 20
Compute the future value of Rs.5000 at the end of 6 years, whether nominal interest rate is 12 percent and the interest is allocated (payable) quarterly at frequency = 4 Soluti
Dissolution of a partnership A partnership is dissolved when: It is temporary (maybe set up for a given period which has lapsed); One partner notifies the others in writ
Court jurisdiction A court may limit a grant of representation which it has jurisdiction to make, as follows: 1. Where the will has been lost or mislaid since the testator's
What is bargain purchase? Financial assets acquired for less than FMV. In a bargain purchase BC, a corporate entity is acquired by another for an amount that is less than the
1. An organization owes £300,000 tax at 1.7.X4 and £450,000 at 30.6.X5. Its income statement for the year to 30.6.X5 includes a tax charge of £400,000. How much tax was actually pa
After the accounts are adjusted at the end of the year, Accounts Receivable has a balance of $215,000, Uncollectible Accounts Expense has a balance of $17,500, and Allowance for Do
Q. Explain about Mutual Fund? Mutual Fund - Investment Companythat usually offers its shares to general public and invests the proceeds in a diversified portfolio of SECURITIES
The return on investment has been aptly about as a primary ratio as it gives the relative net profit earned on the capital utilized. It is one particular measure where the last out
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