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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 If liquidation appears probable the going-concern assumption is no longer valid.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. Show Credit and debit rules for expense? The credit and debit rules for expense and Dividends accounts and for revenue accounts follow logically if you remember that expense
Q. Define Auditing? Auditing A business in quest of a loan or attempting to have its securities traded on a stock exchange typically must provide financial statements to suppor
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
What is the implication of applying accounting concepts wrongly
XYZ plc provides engineering and consultancy services to the oil and gas industry. Over the past few years, they have incurred expenditure of £1m researching and developing a new
Q. Recording changes in revenues and expenses? Examine that Notes Payable, liabilities and increase with an entry on the right (credit) side of the account. Recording changes i
Q. Instalments basis of revenue recognition? When accumulating the selling price of goods sold in monthly or annual instalments and considerable doubt exists as to collectabili
Q. Illustrate perpetual inventory procedure? Data from Exhibit serves like the basis for some of the entries. You would debit the Merchandise Inventory account to record the en
journalizing payroll transactions, for Keller Systems;Inc, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social se
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