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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. FIFO under perpetual inventory procedure? FIFO under perpetual inventory procedure in perpetual inventory procedure the ending balance in the Merchandise Inventory account r
stpes to be taken prepaing for final accounts
Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
Internal control devices for banking activities include signature cards, deposit tickets, checks, and bank statements. 01.) True 02.) False True or False?
ABC Company uses cash basis accounting for its records. During 2010, ABC collected $400,000 from its customers, made payments of $300,000 to its suppliers for inventory, and paid
Q. Show Accumulated depreciation account with example? Micro Train credits the depreciation amount to an accumulated depreciation account which is a contra asset rather than di
Q. Explain about statement of cash flows? Retained earnings usually consist of the accumulated net income of the corporation minus dividends distributed to stockholders. We exa
what is the implication of applying accounting concept wrongly
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