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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.
In June 2011,Kelly purchased new equipment for $26000 to be used in her business.Assuming Kelly has net income from her business of $75000 prior to the deduction,what is the maximu
The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery Truck
Determine the term - Working capital and current ratio Determining these ratios would help a business determine if will have enough capital to operate and can meet their debts.
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Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.
Q. What is Posting reference column? This column demonstrates the account number of the debited or credited account. For example in Exhibit 8 the number 100 in the first entry
Q. Explain about Sales discounts? Sales discounts when a company sell goods on account it clearly specifies terms of payment on the invoice. For instance the invoice in Exhibit
Q. Prepare a trial balance with example? The Larry Fisher was captain of the football team at Prestige University. Afterwards he earned a master's degree in business administra
Elaborate the consequences of non-compliance of each of the accounting concepts.
Ower invested cash in the company along with equipment at market value, the amount is considered part of capital or revenues?
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