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Q. Explain about closing process?
Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Retained Earnings. You as well learned that we prepare financial statements for certain accounting periods. The closing process transfers (a) the balances in the revenue and expense accounts to a clearing account called Income Summary and after that to Retained Earnings and (b) the balance in the Dividends account to the Retained Earnings account. The closing process reduces expense, revenue and Dividends account balances to zero thus they are ready to receive data for the next accounting period. Accountants may perform the closing process monthly or annually.
Q. Explain about revenue recognition principle? Under the revenue recognition principle revenues must be earned and realized before they are recognized (recorded). Earning of r
Explain the meaning of Payroll Deductions There are numerous deductions taken from an employee's earnings. These are deducted by employer before employee receives a check. D
Q. Illustrate perpetual inventory procedure? Data from Exhibit serves like the basis for some of the entries. You would debit the Merchandise Inventory account to record the en
Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equip
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record
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application/realization in history of accounting
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