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Q. Define Gains and Losses?
Gains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other transactions and other events as well as circumstances affecting the entity except those that result from revenues or investments by owners.
Losses are diminish in equity net assets from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity except those that result from expenses or distributions to owners.
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
Difference between Income Statement and Balance Sheet Difference between the amounts of the columns in Income Statement and Balance Sheet should be the same amount. Words "Net
What are the accounting Principles?
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory
Debenture holder are those who gives long term loan at specific interest rate in term of cas. Creditor gives only short term credit in term of cash for purchasing of goods.
Q. What is Income Summary account? The Income Summary account is a clearing account used merely at the end of an accounting period to summarize revenues and expenses for the pe
Question 1: (a) Public accounting is said to "mirror" the budget. Explain. (b) How public sector accounting systems help in the administration of public finance? Questio
on..
Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
Scop of accounting
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