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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 If liquidation appears probable the going-concern assumption is no longer valid.
Explain the process involved in accounting
Q. Explain Inventory turnover ratio? An important ratio for managers, investors, and creditors to consider when analyzing a company's inventory is the inventory turnover ratio.
on 10/15 the academy agreed to teach a four month class (beginning immediately) to an individual for $2,200 tuition per month payable at the end of the class. the class started on
What is the Fair labor standard act Fair labor standard act (Wages and Hours Law) establishes standards for minimum wages, child labor, overtime pay, required payroll record
what are the implications of applying accounting concepts wrongly
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
Q. Explain about Purchase discounts? Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they p
Q. Importance of proper inventory valuation? A merchandising company is able to prepare accurate statements of retained earnings, income statements and balance sheets only if i
Lego Toys is planning to produce new toys at its factories. The setup cost of the production facilities, production costs and profits for each toy are given below: Toy Setup c
While studying evolution, a student comes across a cladogram that includes clades like amphibia, reptilia, aves, and mammalia. What must be the basal clade?
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