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Q. Need for adjusting entries?
The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An income statement that doesn't report all revenues and expenses is inaccurate, incomplete and possibly misleading. Likewise a balance sheet that doesn't report all of an entity's assets and liabilities and stockholders' equity at a specific time may be misleading. Every adjusting entry has a dual purpose to make the income statement reports the proper revenue or expense and to make the balance sheet report the proper asset or liability. Therefore every adjusting entry affects at least one income statement account and one balance sheet account.
Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
Internal control devices for banking activities include signature cards, deposit tickets, checks, and bank statements. 01.) True 02.) False True or False?
Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods
There is a point where stockholding costs are equivalent to ordering costs
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t
Calculate WACC and Rate of Return Capital Structure: 50% debt and 50% equity financing Current cost of debt is 2% above prime (Prime is currently 2.5%) cost of equity is e
What is Purchase Returns?
Oil production has been proposed for an area along the coast off Southern California. Oil production would jeopardize the use of beaches along 10 miles of coast which are a major v
Describe the term in detail Payroll PAYROLL is very vital for all employees. Employees are under the direct control of employer on a continuing basis. An independent contract
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
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