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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. Financial statements in European countries? In a few European countries the financial statements contain secret reserves. These secret reserves occur from a company not repo
Q. Ledger accounts in An accounting perspective? The idea of the Internet dates to the 1960s when the military tied together several computers forming a network that allowed us
San Jose Company issued 5-year $200,000 face value bonds at 105 on January 1, 2012. The stated interest rate on these bonds is 9%. Use the straight line situation to complete the a
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Which statements about marginal costing are correct? 1. The marginal cost of a product involves an allowance for fixed overheads. 2. The marginal cost of a product presents t
Q. Explain about Long-term investments? A long-term investment habitually consists of securities of another company held with the intention of (a) obtaining control of another
Lower of Cost or Market Inventory Bob's Jewelry Company's inventory records indicates the fol
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
Why is it important for accounting information to be accurate and timely?
Recording Private Company Credit Card Sales Goes to the individual company-not a bank. Treated as a sale on account. Credit card Company is responsible for collection of
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