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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.
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
WHAT ARE THE VARIOUS TYPES OF PRIME BOOKS
In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
Wyatt and Truett formed a partnership investing $330,000 and $110,000 respectively. Determine their participation in the year''s net income of $420,000 under the following assumpti
Consistency Concept In practice, there are some manners to record an event or a transaction in the books of account. For illustration, the trade discount on raw material purch
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
Discuss the considerations that management should take into account in determining the design of an accounting system which will satisfy both (i) its own information requirements a
Q. Explain about Classified income statement? An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divide
Fixed Assets An additional categorization other than current or long-term is as well used for property. A "fixed asset" is an asset which is planned to be of a lasting nature a
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