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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 If liquidation appears probable the going-concern assumption is no longer valid.
how do I do a cash payments journal?
briefly explain management process
Q. Explain Interest revenue? Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accoun
The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,0
Oligopoly is a market where the supply is controlled by a little group of companies. In this condition, the actions of single company will have a material effect on the entire mark
on which shares pre acquisiton dividend received
what does office stationery at year end classify as? asset or expense?
An airfoil of surface area 1ft squared is tested for lift (L) in a wind tunnel. At an angle of attack of 5 degrees with standard air of density 0.0024 slugs/ft cube at a speed of 1
Q. Define about Assets and Liabilities? Assets are feasible future economic benefits obtained or controlled by a particular entity as a result of past events or transactions.
Balance Sheet A balance sheet is a statement for presenting an organization financial position at a particular date, mostly at the end of an accounting period; also calle
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