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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 If liquidation appears probable the going-concern assumption is no longer valid.
Lower of Cost or Market Inventory Bob's Jewelry Company's inventory records indicates the fol
What is a limitation of the use of accounting information that is totally outside the entity's control? A changes in legal reporting requirements B changes in inventory valua
Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,
What are the golden rule of accounting how to pass journal entry when strating bussines what
Analyzing and using the financial results trend percentages It is occasionally more informative to express all the dollar amounts as a percentage of one of the amounts in the b
Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
Explain the term- Salaries Expense and payment The Accounting Entry for Employee Earnings and Deductions Employer is the "agent" who is responsible for withholding the a
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
Q. External users of accounting information? The external users of accounting information grouped into groups; everyone has different interests in the company and wants answers
The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
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