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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.
Q. What do you mean by Return on investment? Return on investment (ROI) -- a measure of efficiency and effectiveness with that managers use resources available to them, express
what is the implication of applying accounting concepts wrongly
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
What is the latest change taking place in the accounting world that will make a big difference to the way accountants prepare accounts?
Q. Example of physical inventory? Taking a physical inventory may perhaps disrupt the normal operations of a business. Therefore the count should be administered as quickly and
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
When buying an owner operated business from a franchised organization is the previous store manager''s salary discretionary?? can they count that as net income to the new owner op
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
AL MASA a sole trader,decided to install a new machine to use
Q. Explain Interest revenue? Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accoun
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