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Q. Prior period adjustmentsa. may only increase retained earnings.b. may only decrease retained earnings.c. may either increase or decrease retained earnings.d. do not affect retained earnings
Profitability Ratios - These ratios include the Gross profit Margin, Net profit Margin, Operating Margin, Return on Equity (ROE), and Return on Total Assets. These ratios helps t
Q. Andy Eggers has invested $150,000 in a privately held family corporation. The corporation does not do well and must declare bankruptcy. What amount does Eggers stand to lose? a.
Accounts required and their purpose a. Branch Current Account (Head Office Books) Records all transactions branch and head office; The balance represents the investmen
explain the types of principles and concepts of financial accountin
MUTUAL DEALINGS A right of set-off is allowed where there have been - (a) Mutual credits, debts or other dealings resulting in pecuniary liabilities, (b) Between the debtor an
what is recorded sales on account of 3,280
Q. Show the Audit Documentation? Audit Documentation -Written record of the basis for AUDITOR's conclusions which provides the support for auditor's representations, whether th
Q. What is Amount per share? Par Value - Amount per share set in ARTICLES OF INCORPORATION of a CORPORATION to be entered in CAPITAL STOCKS account where it's left permanently
As an investor, you are considering buying stock in a relatively new company. Medical Horizons, Inc., has been in existence for 10 years and is now about to go public. The first st
On May 1, 2010, Ziek Corp. declared and issued a 10% common stock dividend. Prior to this dividend, Ziek had 100,000 shares of $1 par value common stock issued and outstanding. The
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