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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 If liquidation appears probable the going-concern assumption is no longer valid.
the long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use?
the consequences of non-compliance of each of the accounting concepts.
Q. Example of Electronic spreadsheets? Electronic spreadsheets have many applications in accounting. An electronic spreadsheet is basically a large blank page that contains row
Which statements about marginal costing are correct? 1. The marginal cost of a product involves an allowance for fixed overheads. 2. The marginal cost of a product presents t
Q. Cash equivalents and investments? Cash as well as cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. SFA
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec
Q. Financial accounting versus managerial accounting An accounting information system offers data to help decision makers both outside and inside the business. Decision makers
Generally Accepted Auditing Standards (GAAS) - Standards set by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which concern AUDITOR'S professional qualities and judgme
The CPSdata to re-estimate the difference among average male and female pay. Use for example, the regression LS LNWAGE C FE a. Can you avoid the hypothesis that mean female
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