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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 If liquidation appears probable the going-concern assumption is no longer valid.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. Define an accounting system? Effects from a recent survey of 1400 chief financial officers (CFOs) indicate that tomorrow's accounting professionals will be called upon to br
Q. Explain about Gross margin method? The steps in computing ending inventory under the gross margin method are - Estimate gross margin based on net sales using the similar
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
Q. Sales returns affect both revenues and cost of good? When a company sells merchandise to customers then it transfers the cost of the merchandise from an asset account that i
How do your calculated stock prices compare to the company's present stock prices? What do you think is causing them to deviate? This will need you to investigate a lit
Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios.
Lower of Cost or Market Inventory Bob's Jewelry Company's inventory records indicates the fol
Why to and by using in journal, trading a/c, p&l a/c and ledger?
How can price inflation effect a university negatively in the future? Like, what are a few things in the university that will be impacted?
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.
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