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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 If liquidation appears probable the going-concern assumption is no longer valid.
when discrepancies occured on financial documents,what consequences will arise?
Exercise 5-2 - Harwick company. 1) On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2)On April 6, paid freight costs of $
stpes to be taken prepaing for final accounts
Determine the proposal's appropriateness and economic viability. For all scenarios, assume spending occurs on the first day of each year and benefits or savings occurs on the las
Ask queshow to be an experttion #Minimum 100 words accepted#
Goods purchased from ranu p5000
got 1 question for accounting for business its a 25 min question? can you help in this?
Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
Q. Explain about Percentage of completion method? The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To ca
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks
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