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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 Asset cost and Estimated residual value? Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset. Estimated residual value:
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
Honolulu Cookie Company provides the following information in order for you to prepare the company's bank reconciliation: Balance per company
Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
If my company sells 4000 shares of common stock for $86,400, how do I record this in the Journal?
I have an accounting consolidation project due may 15th I seen a problem here with the exception of a few # changes was wanting a quote to help with this project
Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called
Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet
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