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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.
Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
how to make adjusting entries
Q. What is Sales revenues? The sale of goods takes place between two parties. The seller of the merchandise transfers them to the buyer in exchange for cash or a promise to pay
Q. Corporate accounting and accounting for sole proprietorship? Several textbook authors use a sole proprietorship and a partnership form of business ownership to exemplify acc
Identify and explain the two ratios that are used to assess the solvency of a business.
Financial accounting reports are mandatory to be prepared by the firms, and are scrutinized by auditors, creditors or Government or Tax authorities. But management accounting recor
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
A machine valued on the books at $8500 was sold on credit to $8000.
Q. Show Effects of transaction? A prepaid insurance, asset, increases (debited) and cash, decreases (credited), asset by USD 2400. The debit is to Prepaid Insurance relatively
A calculate of the wealth is earned by nations by economic activates all around the world. Gross National Income involves the total value of goods and services produced within a
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