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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.
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts? a. Increase supplies and accounts payable by $
#Q. Example on closing process?
The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below. On April 1, 2010, the
How many kind of Assets?
I am requesting for literature review and past studies on CDS.
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Provided services on credit to Yamato P/L $5 900. How do we apply this in the t accounts
Prepare a trial balance All account names would be listed in left-hand column. Place the account balance in appropriate debit or credit column for those accounts which have
What is Federal unemployment tax Federal unemployment tax (FUTA) requires the payment of taxes to provide benefits for workers during periods of temporary unemployment. This
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
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