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Explain the types of Financial Statements
Income Statement. This is a summary of a business's expenses and revenue for a specific period of time. It ONLY shows expenses and revenue.
Net Income is realized when revenue exceeds expenses.
Net loss is realized when expenses exceed revenue.
Statement of Owner's Equity. This is a summary of the changes which have occurred in owner's equity during a specific period of time.
This statement will demonstrates either a decrease or increase in capital account.
Balance Sheet. This statement is a listing of firm's liabilities, assets and owner's equity at a particular point in time. Total Assets should equal the addition of Liabilities and Owner's Equity.
Financial accounting reports are mandatory to be prepared by the firms, and are scrutinized by auditors, creditors or Government or Tax authorities. But management accounting recor
Accounting supposes that the business as an accounting entity will continue to operate for a long time in the future, unless there is superior evidence to the contrary. The enterpr
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
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There is a point where stockholding costs are equivalent to ordering costs
Q. Underlying assumptions or concepts of accounting? The major underlying assumptions or concepts of accounting are (a) business entity (b) going concern (continuity) (c) money
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
Q. Show Advantages and disadvantages of weighted-average? Advantages and disadvantages of weighted-average when a company utilizes the weighted average method and prices are ri
Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha
#What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?
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