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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 are simple journal entries? To understand the cross-indexing and posting process trace the entries from the general journal to the general ledger. The ledgers accounts
using the break-even equations to solve for price and variable cost per unit andromeda company's break-even point is 2,400 units. variable cost per unit is $42; total costs are 6
Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s
A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the
what is the implication of applying accounting concepts wrongly
What should companies not show as non-current assets in their balance sheets? A plant bought on hire purchase B plant fully depreciated C plant held on finance leases D pla
Which of the following about debits and credits is false? A. Credits increase revenues, gains and bonds payable B. Debits increase salaries expense and prepaid expenses (prepayment
Internal Auditor: Internal Auditor is a worker of the organization in contrast to an external auditor who is paid a fee for his employment. The internal auditor is responsible for
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
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