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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 If liquidation appears probable the going-concern assumption is no longer valid.
Common size Financial Statements: Below this process, the total of the tasks side and the total of the possessions side of a Balance Sheet are taken as 100 and each item in
One of the companies for which you provide accounting services offers office cleaning services and has 8 customers. Cleaning services are provided in the evenings, Sunday throu
explain the 5 modern techniques of accounting
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equip
Q. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo
Sales taxes and Schedule of accounts receivable Schedule of accounts receivable Accounts Receivable and individual accounts should match. Only accounts which have
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
what is the exact meaning of journal that we doing entries??
cross indexing is made up of
Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%
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