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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 significant manner and in provisos of money. It is known as language of business because the financial performance and the financial position of any company need to be conveyed to the stakeholders of any business concern. This can be done by systematically preparing the financial statements and presenting to the interested parties.
Why is a provision for depreciation made in the financial statements? A to charge the cost of non-current assets against profits B to make a provision for repairs C to mak
The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is liable to pay any FBT and may decide to recover the FBT amount from th
Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei
Current Assets are $70,000, non-current assets are $150,000, current liabilities are $40,000 and long term liabilties are $30,000. What is the debt to equity ratio? 0.47 Stock h
Problems: Please show all calculations. Claudette, Inc., provides warranties for many of its products. The January 1, 2014, balance of the Estimated Warranty Liability account
On January 1, 2012, the organizers of the Parsons Corporation contained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation
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o depreciation on the building has been recorded in 2016. Depreciation on the building is based on Double-Declining Balance. It was purchased on 1/1/15 and has an estimated useful
Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent record
I am expecting 50 growth because of the market size and consumers patronage, also because of latest product and service been introduced, also due to the competent working force wit
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