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The Deficiency Account Purpose of deficiency account : The purpose of the deficiency account is to explain the deficit shown on the statement of affairs. The deficiency acc
1. A fellow student says to you: "The statement of cash flows is the easiest of the basic financial statements to prepare because you know the answer before you start. You compare
STATEMENTS OF FINANCIAL POSITION: as at 31 December 2011 Group Note 2011 2010 RM'
Prepare an Excel spreadsheet containing the following: - Construct the next five-year pro-forma statements (income statement and balance sheet). - Estimate annual F
The following table represents the demand for a product for the years 1990 to 2007: a. Develop a linear trend line and use it to predict the quantity demanded for 2008,
Which of the following was the first private sector entity that set accounting standards in the United States? a. Accounting Principles Board b. Committee on Acocounting Procedure
Distribution of Assets 1. Proof of debts : If the company is insolvent, the rules in bankruptcy as to provable debts, secured creditors, interests, mutual dealings, annuiti
You are a Senior Financial Manager in the recently privatised Sodor Railway Engineering Corporation Plc (SREC). (a) Subsequent to privatisation the Chief Executive Officer of SR
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
Beginning balance 24,000 cash Sales 250,000 Gross profit 45% of sales Accounts receivable increase by 24,000 Accounts payable increased by 51,000 Inventory increased by 98,000 Sell
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