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Q. Objective of Recording business transactions?
- Use the account as the essential classifying and storage unit for accounting information.
- Articulate the effects of business transactions in terms of debits and credits to different types of accounts.
- List the points in the accounting cycle.
- Record the results of business transactions in a journal.
- Post journal entries to an account in the ledger.
- Organize a trial balance to test the equality of debits and credits in the journalizing and posting process.
- Use and Analyze the financial results-horizontal and vertical analyses.
Q. What is Intangible Assets? Intangible assets consist of the nonmonetary, noncurrent, nonphysical assets of a business. Companies should charge the costs of intangible assets
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The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
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A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00
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