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Financial Accounting
An accounting technique that records, interprets, and reports the historical cost transaction of an organization. An organization records these transactions in bookkeeping journals and ledgers. To understand the transactions, it uses, between other analytic tools, a series of ratios, such as acid test ratio, present ratio, inventory turnover, debt-to-equality ratio, and so on. Financial reports include financial statements (balance sheet, income statement, statement of cash flows), as well as special internal monetary reports that are unique to each organizations.
Identify the Depreciation Methods On January 3, 2005, XYZ Distribution Co. paid $224,000 for a computer system. In addition to the basic purchase price, the company paid a set
Effect of receiving order The consequences of the making of the receiving order are: The debtor retains ownership, but loses possession and control of his property; Th
History of trust The following general information should be kept with the trust documents: Summary of will or trust deed; Short history of the trust; Trustees’ nam
Blue sky Company's 12-31-13 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of the book value's are the same as the market values except for land, whi
OTHER ASPECTS OF THE CONSOLIDATED BALANCE SHEET The consolidated balance sheet may require a special approach under the following situations: 1) Pre-acquisition losses in subs
POWERS OF INVESTMENT The trustees have a duty to obtain control of trust assets and to invest trust funds in authorised securities. The trustees may invest in such securities
Tyler Smith has worked in an upholstery shop for 10 years. Tyler's wages were $20,000. Lately, Tyler has been unhappy with the shop's owner. Convinced that he could run an upholste
Problem: (a) Many businesses find it useful to maintain a control account in respect of both their trade receivables and trade payables. Describe why such control accounts ar
HOW TO RECORD INVENTORY AT NET REALISABLE VALUE ON JOURNAL
When the stock market is going up over a long period of time, investors can become complacent about the risks of being a stockholder. After the significant decline of the stock mar
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