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Define the term - LIABILITIES
Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit. Name of the account used is Accounts Payable.
Another kind of liability is Notes Payable. This is a formal written promise to pay a particular amount of money at a definite future date.
Personal Account is an account for use by an individual for their own requirements. It is a relative term to distinguish the said accounts from those accounts for corporate or busi
WHAT ARE THE CHARACTERISTICS OF ASSETS
If you can earn 4 percent, how much will you have to save each year if you want to retire in 35 years with $ 1 million?
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
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Any activity which you perform is assist if you comprise a set of rules to guide your efforts. Moreover, you determine that these rules are of more value to you if they are standar
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Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays
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