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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 If liquidation appears probable the going-concern assumption is no longer valid.
Beth Clark is an Accounting Manager at Specialty Products Corp. One afternoon in early January 2012, her boss, Controller Dan Greene, met with her and stated the following, "Beth,
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A portion of company profits allocated by an employer, in good years, to an employee's trust.Contributions on behalf of every employee are expressed as a percentage of salary with
XYZ plc provides engineering and consultancy services to the oil and gas industry. Over the past few years, they have incurred expenditure of £1m researching and developing a new
Taxes are affected by the level of economic activity: When output increases, tax revenues typically increase, when output falls, tax revenues fall. Suppose a balanced- budget amend
Q. Show accounting deception situations? In 2002 The Sarbanes-Oxley Act was approved. The Act was approved as one result of the large losses to the employees and investors from
Explain about the payroll register This is a summary of gross earnings, deductions and net pay for all employees for a specific payroll period. Register illustrates all amounts
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Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
Q. Introduction to inventories? Subsequent to studying this chapter you should be able to - Record the journal entries for sales transactions involving merchandise. - Exp
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