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Q. Describe about Borrowed money?
The company lent USD 6000 from Chaney's father. Chaney signs the note for the company. The note turn off no interest and the company promised to repay recorded as a note payable the amount borrowed within one year. Subsequent to including the effects of this transaction the basic accounting equation is
You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues. F
Explain the Recording employer's payroll taxes Debited to an expense account-Payroll Tax Expense. Credited to individual Tax Payable accounts These amounts are then sent
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
Q. Define an accounting system? Effects from a recent survey of 1400 chief financial officers (CFOs) indicate that tomorrow's accounting professionals will be called upon to br
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
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
Management: Organizations may not or may exist for the sole reason of profit. Though, information requires of the managers of both types of organizations are approximately the sam
You have been engaged internal auditor by the management of Alden proprietary limited to review its internal control over the purchases, receipt, storage and issue of raw material.
Q. Show depreciation formula with example? The depreciation formula (straight-line) to calculate straight-line depreciation for a one-year period is: Annual deprecation = (
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