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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 If liquidation appears probable the going-concern assumption is no longer valid.
Liquidity refers to a company's cash position, availability of resources to meet short-term cash requirements, and overall ability to obtain cash in the normal course of business.
I chose table 2-4 Loan Amortization Schedule, $100,000 at 6% for 5 years to discuss. Table 2-4 relates to the other two tables in that it is the opposite of the other two tables. T
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
Q. Detailed steps for completing the work sheet ? Accountants use these preliminary steps in preparing the work sheet. The following segments describe the detailed steps for com
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
what the accounts maintained in retail business
please tell me assigment tips
Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
What is differences in access to financial information Distinction between the two areas of accounting reflects, to some extent, differences in access to financial information.
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