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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 If liquidation appears probable the going-concern assumption is no longer valid.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 BALANCE SHEET CONCEPTS According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the c
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory
Q. What is Cost of goods sold? The second major division of an income statement for a merchandising business is cost of goods sold. Cost of goods sold is denotes to cost to the
Q. Why we need book value? Book value -- total assets minus total liabilities. Book value also meansvalue of an asset as recorded on the company's financial reports or books. B
Can a copy constructor accept an object of similar class as parameter, in place of reference of the object?
Whats the use of accounting in our everyday life?
Your individual coursework portfolio addresses the following learning outcomes: ? Discuss the corporate governance issues and the duty of care of the directors of limited companies
Paid salaries to sales clerks
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below. Q d = 424 - 40P Q s = 40 + 8P a. What is the equi
How to perform a basic accounting training progrum ..
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