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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 If liquidation appears probable the going-concern assumption is no longer valid.
Provided services on credit to Yamato P/L $5 900. How do we apply this in the t accounts
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
Rondo plc, a sports apparel manufacturer with a cost of capital of 13.75%, is looking to expand its activity and is considering two possible countries to open a sales subsidiary. R
Personal Account is an account for use by an individual for their own requirements. It is a relative term to distinguish the said accounts from those accounts for corporate or busi
Q. Example of Unearned service fees? Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm
AL MASA a sole trader,decided to install a new machine to use within her sole trader business
The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery Truck
Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise
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Explain the term- Reversing entries and Interim statements Reversing entries - Made the first day of new accounting period. They are exact opposite of the adjusting entries
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