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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.
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi
How to perform a basic accounting training progrum ..
Buyer's Direct Mills (BDM) Inc. is a century old textile company that takes raw cotton and spins it into cotton yarn. This yarn is in turn purchased by weaving companies which prod
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
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Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i
Advantages of setting Accounting Standards: 1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly. 2. Sett
Q. General-purpose financial statements? Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties a
What do the "transfer" items in the notes to the financial statements relate to? (in the capital assets section; Plant, property & equipment and Intangible assets
Q. Define the Opportunity cost? Opportunity cost -- a useful notion in evaluating alternate opportunities. If you choosealternative A, you can't choose B, C, or D. What is the
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