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Q. Completing the accounting cycle?
Subsequent to studying this chapter you should be able to
- Recapitulate the steps in the accounting cycle.
- Organize a work sheet for a service company.
- Organize an income statement, balance sheet and statement of retained earnings using information contained in the work sheet.
- Prepare closing and adjusting entries using information contained in the work sheet.
- Organize a post-closing trial balance.
- Describe the progress of accounting systems.
- Organize a classified balance sheet.
- Analyze and utilize the financial results the current ratio.
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Why to and by using in journal, trading a/c, p&l a/c and ledger?
Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
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the terms debit and credit are synonymous with left and right.
untangible assets
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