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Q. Explain Accounting entity concept?
Business entity concept (or accounting entity concept). Data assemble in an accounting system relates to a specific business unit or entity. The business entity concept presumes that each business has an existence separate from its creditors, owners, employees, customers, other interested parties and other businesses.
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Q. Explain FOB shipping point freight collect? FOB shipping point freight collect - Buyer both initially pays and incurs the freight chargers. The proper party (buyer) paid the
AL MASA a sole trader,decided to install a new machine to use within her sole trader business
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. Elaborate and explain why journal is necessary?
Schedule of Accounts Payable Lists the balances of accounts payable ledger, and Accounts Payable controlling account demonstrates the total amount owed to ALL creditors. Th
A user buys a new transponder for $20. What debit and credit entries would need to be made?
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
DEFINITION OF COST ACCOUNTING DEFINITION: as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t
The two fundamental sources of equity in a company are stockholders and creditors their combined interests are called total equities. To discover the equity ratio divide stockholde
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