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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 two fundamental sources of equity in a company are stockholders and creditors their combined interests are called total equities. To discover the equity ratio divide stockholde
Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
Q. Explain Statement of retained earnings? The statement of retained earnings demonstrates the change in retained earnings between the beginning and end of a period e.g. a mont
entry for bad debts provision
Terry Dorsey started Dorsey Hardware a tiny hardware store two years ago and has struggled to make it successful. The first year of operations effected in a substantial loss in the
How To figure the discount using calculator 1. Be sure that decimal selector is on 2 decimal places 2. Key in amount of the sale 3. Multiply by percent (use the percent key)
A document or shape used by a customer to issue an order for goods or services. I need notes on 1.Procure to pay cycle with accounting entries 2.give to cash
How to define Inter company Transaction in Account Receivable? Ans) Intercompany transactions are those transactions that takes place among two or more entities of the similar g
example of increase asset, decrease owner equity
During the fiscal period just ended some of the inventory in the warehouse of Jamie Ltd. wasn't counted. Jamie Ltd. uses a periodic inventory control system. Explain how the foll
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