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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 If liquidation appears probable the going-concern assumption is no longer valid.
Q. Explain about Stockholders equity? Stockholders' equity demonstrates the owners' interest in the business. This interest is equivalent to the amount contributed plus the inc
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
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
what is trade marketing management
Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
Start in cell E3. Complete the series of substitution values ranging from 5 to 15 at increments of 1, vertically down column E.
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debit balance
A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B) If total assets e
The following difference among financial and taxable income were reported by Dider Corporation for the current year (a) Excess of tax depreciation over book depreciation-------
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