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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.
introduction,features,objectives,types of branches,difference between branches and departments
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
Could the choice of recording a capital asset impairment or not, impact the financial statements significantly? Explain.
with help of illustrations,comment on final accounts
Q. Gain and loss recognition principle? The gain and loss recognition principle states that we record gains merely when realized but losses when they first become evident. Ther
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
Q. Example of Statement of retained earnings? Statement of retained earnings The statement of retained earnings as you remind is a financial statement that summarizes the trans
An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liabil
What are the elements of accounting assets Assets are items with money value which are owned by a business. Some instance are: cash, accounts receivable (selling services or g
An inflated budgeted expense account
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