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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.
what is the contributed capital and how do you figure it out?
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
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
Q. Show Unearned revenues? Unearned revenues- revenues received in advance consequence when a company receives payment for goods or services before earning the revenue such as
1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie
Q. Explain business entity concept? Suppose for instance that you own two businesses 1) a physical fitness centre and 2) a horse stable. As per to the business entity concept y
Q. Show Purchase Returns and Allowances account? Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may d
The Dividends account increases (debited) as well as an asset cash decreases (credited) by USD 3000. Transaction 15 brings to a close the analysis of the Micro Train Company transa
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