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A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa
Q. Choosing an accounting career? How companies have a choice in inventory cost methods among specific identification, LIFO, FIFO and weighted-average. Likewise one of the grea
Are mailing lists are considered as prepaid or period expens?
Accounting Standards The flexibilities offered by a choice of accounting treatments distinctly diminish, and even distort the comparability of relevant inform
Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction
Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
Two friends, Joe and Bill, both have carpentry skills and decide to go into business as partners together ?tting kitchen cabinets. Joe's uncle has agreed to provide £20,000 of capi
Explain What do you recognized by Open Item Managed Account? Ans) Open item management make sure that all items that have not yet been cleared are available in the system. Only
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