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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.
The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r
what is the implications of applying accounting concepts wrongly
State about the Balance Sheet columns of worksheet Balance Sheet columns of worksheet would comprise the amounts from Adjusted Trial Balance columns which are assets, capital,
Fixed asset are assets which provides the business future benefit Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from whi
Q. What do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the
accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca
Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued reven
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