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Business transactions and the accounting equation
A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity.
Every transaction has a dual effect on the basic accounting elements. A transaction may affect more than two accounts in a transaction.
This is known as a combined entry.
State and local income taxes Some states also withhold state income taxes. Texas doesn't. If state withholds taxes, there will be form similar to the federal one to determine t
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.
Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t
The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount
Annual interest of 5% paid if balance exceeds 800, $7 monthly fee if account falls below minimum balance, average monthly balance $1,160, account falls below $800 during 5 months
what is the implication of applying accounting concept wrongly
Q. Show Timing of expense recognition? The timing of expense recognition The matching principle entail that a relationship exists between expenses and revenues. For definite ex
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