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Q. Classes and types of adjusting entries?
Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate items. Deferred items consist of adjusting entries relating data previously recorded in accounts. These entries engross the transfer of data previously recorded in asset and liability accounts to expense and revenue accounts, respectively. Accrued items consist of regulate entries relating to activity on which no data have been previously recorded in the accounts. These entries engross the initial or first recording of assets and liabilities and the related revenues and expenses.
debit balance
Illustrate about the matching principle This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be a
Liquidity Ratios (Short Term Solvency Ratios): These Ratios calculate the capability of the firm to meet its current obligations. They point out whether the firm has enough li
I need help with the journal entries for chapters 8 & 9 of this project.
Internal Auditor: Internal Auditor is a worker of the organization in contrast to an external auditor who is paid a fee for his employment. The internal auditor is responsible for
Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2014:
Spin off is making new company by selling or distributing the shares of existing company
The conventions and rules of accounting are commonly termed as the conceptual framework of accounting. Along with any discipline or body of knowledge, several underlying theoretica
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at
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