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Q. General-purpose financial statements?
Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties and top-level internal managers. In contrast accountants are able to gather special-purpose financial information for a specific decision typically on a one-time basis.
For example management may require specific information to decide whether to purchase a new computer system. Ever since special-purpose financial information must be specific this information is best obtained from the detailed accounting records rather than from the financial statements.
Q. Dividends paid to owners? Stockholders' equity is (a) improved by capital contributed by stockholders and by revenues earned through operations and (b) decreased by expenses
i dont undrstnd t concepts of assets and liabilties n also journal entries thnks
What is ACOUNTS RECEIVABLE LEDGER Businesses have several customers and individual businesses aren't assigned an account number they are just in alphabetical order. Accounts
What is Discounts received?
Some the other concepts, as for example: the Matching concept, the Dual Aspect concept and the Realization concept are discussed in further sections, and as they have not been take
Prepare the Journal Entries Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the tr
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Q. What is periodic inventory procedure? In the periodic inventory procedure the Merchandise Inventory account is updated periodically subsequent to a physical count has been m
Effects of transaction An asset supplies on hand increases (debited) as well as a liability accounts payable increases (credited) by USD 1400. The debit is to Supplies o
Why to and by using in journal, trading a/c, p&l a/c and ledger?
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