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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. Explain about Accrual basis and periodicity? Accrual basis and periodicity demonstrated that financial statements more accurately reflect the financial status and operations
Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent record
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
If you can earn 4 percent, how much will you have to save each year if you want to retire in 35 years with $ 1 million?
What is OWNER'S EQUITY Difference between Liabilities and Assets is Owner's Equity. The can also be known as capital, proprietorship, or net worth.
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Prepare the bank reconciliation and record cash adjustments (LO5) Additi
Difference between Debit and Credit Debit- used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period
format of the account
Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry
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