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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 If liquidation appears probable the going-concern assumption is no longer valid.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 accounting cycle? when an event is a measurable business transaction you require adequate proof of this transaction. After that you analyze the transaction's e
State and local income taxes Some states also withhold state income taxes. Texas doesn't. If state withholds taxes, there will be form similar to the federal one to determine t
Management: Organizations may not or may exist for the sole reason of profit. Though, information requires of the managers of both types of organizations are approximately the sam
S olvency Ratios (Long Term): These Ratios measure the long term financial provision of the firm. Creditors and Bankers are mainly interested in liquidity. But shareholders, and
what are the limitation
Verify the amount to be paid within the discount period for purchase with an invoice price of $7,745, subject to credit terms of 2/10, n/30.
Q. Analyzing how well the company is performing? The classified income statement illustrates important relationships that help in analyzing how well the company is performing.
Q. Explain about Going-concern concept? Except strong evidence exists to the contrary accountants assume that the business entity will continue operations into the indefinite
How to setup T accounts
We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as
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