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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 If liquidation appears probable the going-concern assumption is no longer valid.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 Sales returns and allowances? Sales returns and allowances Merchandising companies typically permit customers to return goods that are defective or unsatisfactory for a
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
Financial statements Summaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an accounting period. Accounting per
Q. Define Non-operating revenues? Non-operating revenues or other revenues and non-operating expenses or other expenses are revenues and expenses not related to the sale of pro
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Gracie invested P12000 cash in the business.
a decrease in owner''s equity may result from a(n) a. purchase of office supplies for cash b. withdrawal of cash from the business by owner c. revenue that is derived from sales of
Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a
How to prepare the worksheet Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci
what do you mean by 90% of the entire issue to be received before the allotment of shares?
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