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Q. General principles of accounting?
Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants (AICPA) 2)the Financial Accounting Standards Board (FASB) 3)the Securities and Exchange Commission (SEC) 4)the American Accounting Association (AAA) and 5)the Financial Executives Institute (FEI) and 6)the Institute of Management Accounting (IMA). This section describes the following major principles:
- The Exchange-price or cost principle.
- The Revenue recognition principle.
-The Matching principle.
- The Gain and loss recognition principle.
- The Full disclosure principle.
ABC Insurance Company offers individual auto and home insurance servicing the East Coast. The company''s home office is located in Albany, New York. However, ABC Insurance Company
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3
I need help with the journal entries for chapters 8 & 9 of this project.
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b
stpes to be taken prepaing for final accounts
Problems: Please show all calculations. Claudette, Inc., provides warranties for many of its products. The January 1, 2014, balance of the Estimated Warranty Liability account
Q. What do you eman by Expenditure? Expenditure -- an expenditure takes place when something is attained for a business -- an asset isbought, salaries are paid and so on. An ex
The major difference in the statement of retained earnings between a service business and a Merchandising business is A. that the retained earnings statement of a merchandisi
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