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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 account and other income statement accounts with debit balances to Income Summary account.
3) Close Income summary account to owner's capital account.
4) Close the Drawing account to capital account.
Cross indexing is made up
Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.
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A $9,000 loan to be repaid in full at the end of five years. Interest on the loan is payable quarterly. The interest rate is 8% compounded quarterly. What is the present value
is accounting is an art or science
Q. Example of current ratio? The current assets and current liabilities and current ratios of some other companies as of the third quarter of 2001 were As you are able to se
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
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