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An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liability that may occur if a future event occurs. 4. Is not recorded until the amount is known for certain.
Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz
Q. Show Recording changes in dividends? Recording changes in dividends ever since dividends decrease retained earnings increases appear on the left side of the Dividends accoun
It is reduction of taxes where from the income is produces and regarding services to be taxed there are about 120 services which are taxed in India for provision of service tax
beginning inventory,purchase,and sales data for commodity A are as follows november 1 inventory 1500units @k20.00 2 sold 5000unit @ 40.00 12 purchase 10000 units @22
Gwinnett Park Co. reported net income of $506,600 for its fiscal year ended September 30, 2014 . At the beginning of that year, 150,000 shares of common stock were outstanding. On
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Company A has only been in existence for two full years as a public company. Prior to this, it was a segment of large multinational and was spun off as stand-alone, public company.
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
The Braggs & Struttin' Company produces an engine for carpet cleaners called the "Snooper." Budgeted cost and revenue data for the "Snooper" are given below, depends on sales of 40
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
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