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Q. Explain about Accounting transaction?
An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabilities + Stockholders' equity. A trade of cash for merchandise is a transaction. The exchange occurs at an agreed price that provides an objective measure of economic activity. For instance the objective measure of the exchange may be USD 5000. These two factors measurement and evidence make possible the recording of a transaction. Only placing an order for goods isn't a recordable transaction because no exchange has taken place.
Invoice is a text which haves the under mentioned details compulsorily. 1. Invoice Number 2. Name and address of the person 3. Invoice date Name and address of someone
what is the implication of applying accounting concept wrongly
Q. What do you mean by Not-for-profit organizations? Not-for-profit organizations such like charities, fraternities, churches, and universities need accountants to record and a
Having trouble with word problem: Planned Acquisition cost $2.1M Salvage Value $0 16% discount rate savings = year end Savings: year 1 150k year 2 175k year 3 300K year
A patent costing $500,000 was purchased on July 1. The company expects the patent to be useful for 5 years. How much amortization expense is reconized on December 31?
Q. Starting inventory and net cost of purchases? Hanlon's start inventory (USD 24000) plus net cost of purchases (USD 166000) is equivalent to cost of goods available for sale
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
Q. Explain journal entry? A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the
What is the implication of applying accounting concepts wrongly
Advantages and disadvantages of FIFO The FIFO method has four main advantages (a) it is easy to apply (b) the assumed flow of costs corresponds with the normal physical flow o
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