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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.
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State the term - Partnership A partnership exists where at least two individuals carry on a business together with intention of making a profit. Partnerships have much in commo
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
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Q. What are Bad debts? Bad debts -- amounts owed to a company which aren't going to be paid. An accountreceivable becomes a bad debt when it's recognized that it won't be paid.
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
Q. What is Cost-benefit? Cost-benefit The cost-benefit consideration engrosses deciding whether the benefits of including optional information in financial statements exceed th
.1 INTRODUCTION The world keeps developing new ways and technologies to help do things and achieve a timeline shorter compared to the way it previously used to be done. New techn
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Illustrate the structure of brain Brain is capable of changing its structure in numerous ways. Synapses become stronger and denser. Tiny blood vessels increase in size and numb
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