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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 If liquidation appears probable the going-concern assumption is no longer valid.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 Financial accounting information? A Financial accounting information is precedent in nature that reporting on what has happened in the past. To facilitate comparison
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic
what is meaning by parallel accounts
INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The
Analyzing and using the financial results trend percentages It is occasionally more informative to express all the dollar amounts as a percentage of one of the amounts in the b
Q. Need for adjusting entries? The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An i
Q. What is Intangible Assets? Intangible assets consist of the nonmonetary, noncurrent, nonphysical assets of a business. Companies should charge the costs of intangible assets
Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount
The Olympic Company has an accounts receivable balance at December 31, 2010 of $159,548.00. The existing balance in the Allowance for Uncollectible Accounts was a credit of $2,563
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