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Q. Explain double-entry procedure?
The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with debit balances and those with credit balances. The totals of these two groups of accounts should be equal. Then a few assurances exists that the arithmetic part of the transaction recording process has been properly carried out. Now let us in fact record business transactions in T-accounts using debits and credits.
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and present price at par - Preferred shares: $2,000
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
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 accounting helps in Internationalisation of businesses Internationalisation of businesses has created a need for accounting rules to have an international reach. It can no
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?
A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the mar
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
procedure followed in government system of accounting in india
What are examples of deferred revenue expenditure? Ans) It is an expenditure the advantage of which will be realized over a period and not during the present period. Ex-Heavy Ad
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
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