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Q. Explain about business entity concept?
A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation may consist of several separate corporations every of which is a separate legal entity. For reporting purposes but the corporations may be considered as one business entity because they have a common ownership. Section 14 illustrates this concept. When accountants record business transactions for an entity they suppose it is a going concern. The going-concern (continuity) assumption states that an entity will carry on operating indefinitely unless strong evidence exists that the entity will terminate. The termination of an entity takes place when a company ceases business operations and sells its assets. The process of termination is called as liquidation. If liquidation appears probable the going-concern assumption is no longer valid.
1. If market interest rates are higher than the rate offered on the bonds being sold, they will be sold at: A. a premium. B. a discount. C. face value. D. a loss.
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Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
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You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp
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Q. Learning objectives of Accounting theory? - Discuss and Identify the underlying assumptions or else concepts of accounting. - Discuss and Identify the main principles of
in 2011 hardin company had 220000 shares $10 par common stock, march 1 issued 45000 shares at $22, June 1 issued 15% stack dividend, July 1 issued 10000 at $27, Aug 31 2-for-1 st
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
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