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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.
The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding is Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Wh
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
Q. Prepare a source document? A source document typically supports the evidence of the transaction. A source document is any printed or written evidence of a business transacti
At the end of the current year, $19,900 of fees have been earned but not billed to clients. a. What is the adjustment to record the accrued fees? Indicate each account affect
Q. Describe about Cash role in balance sheet? Cash includes deposits in banks obtainable for current operations at the balance sheet date plus cash on hand consisting of un-dep
Financial accounting reports are mandatory to be prepared by the firms, and are scrutinized by auditors, creditors or Government or Tax authorities. But management accounting recor
Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
Q. What is journal? In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increase
Q. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
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