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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.
Question 1: Briefly explain the following costs terms: Variable costs and fixed costs Semi- variable costs and semi-fixed costs Past costs and future costs.
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.
FICA Tax (Social Security) Both the employee and the employer contribute equally. OASDI has a Taxable Wage Base that is the maximum amount of earnings during a calendar y
Describe in brief about the Wholesalers They buy goods in bulk from manufacturers and sell them to retailers, other schools, wholesalers and other non-profit institutions, and
How do I complete this chart
1. Mama's Fried Chicken bought equipment on January 2, 2010, for $15,000. The equipment was expected to remain in service 4 years and to perform 3,000 fry jobs. At the end of the
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $75
Determine about the Debit memorandum A debit memorandum is the buyer's written request to seller for credit. Individual account is debited to reduce the amount which they nee
define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.
Q. Film and television costs- accounting policies? Film as well as television production and participation costs are expensed based on the ratio of the current period's gross r
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