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began his business with equipment valued at $40,000 and place $400,000 in the business checking account. what are the accounts affected?
The industrial revolution in England presented a challenge to the development of accounting like a tool of industrial management. Costing techniques were urbanized as guides to man
Q. What is Accounts Receivable account? Envisage a company with an Accounts Receivable account and an Accounts Payable account in its general ledger as well as no Accounts Rece
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
SALES DISCOUNTS AND CASH RECEIPTS JOURNAL SALES DISCOUNTS Sales discount is recorded as a reduction in sales revenue. CASH RECEIPTS JOURNAL Source documents: ca
GILCO rents DVDs and DVD players (players) on a short term basis to airline passengers through GILCO locations at every large commercial airport throughout the world. A passenger
Explain the term- Depreciation This is a term which is used to describe the expense which results from loss of usefulness of an asset because of age, wear and tear, and obsoles
Q. Balance Sheets of a limited company are shown in figure as on 31 st December, 2008 and 2009: Taking into account the following additional information, give a statement
What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea
Which of the following is NOT one of the key requirements for auditor independence? A. Auditors must disclose all other written communications between management and themselv
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