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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
ABC Corportation purchased $15,000 of office furniture by putting down $7000 soqn in cash and the rest on accout
Q. Explain about Fiduciary? Fiduciary - Person who is responsible for administration of property owned by others. Corporate management is a FIDUCIARY with respect to corporate
The following information was taken from the ledger of Jefferson Industries, Inc.: Direct labor $85,000 Administrative expenses $59,0
ORDER OF PAYMENTS The bankrupt’s estate must be distributed in the following order. 1. Cost and charges: Costs and charges properly incurred in administering the estate mu
the role of international accounting toward promotion of generally accepted accounting principle
Suppose that Oxford Inc. is interested in the two new products, AME and CGK. Because of its capital budget constraint, it can only launch one new product line. Eric just graduated
Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of its FMV and $10 per hundred weight. The car is
Q. Average cost of capital? Even though the director suggests that equity finance is appropriate given the amount of finance needed the amount alone doesn't rule out other fina
Q. What is Asset? Asset - An economic resource which is expected to be of benefit in the future. Probable futureeconomic benefits attained as a result of past transactions or e
Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firs
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