Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. Procedure of recording business transactions?
The raw information of accounting is the business transactions. We documented the transactions in section 1 as increases or decreases in the liabilities, assets and stockholders' equity items of the accounting equation. This procedure demonstrated you how various transactions affected the accounting equation.
When working throughout these sample transactions you probably suspected that listing all transactions as increases or decreases in the transactions summary columns would be too cumbersome in practice. Mainly businesses even small ones enter into many transactions every day. Section 2 teaches you how to really record business transactions in the accounting process.
To explain the double procedure of recording business transactions with debits and credits we introduce you to some new tools the journal, the T-account, and the ledger. By means of these tools you can follow a company through its various business transactions. Like accountants you are able to use a trial balance to check the equality of your recorded debits and credits. This is a double-entry accounting system that the Franciscan monk, Luca Pacioli, explained centuries ago. To Understanding this system facilitate you to better understand the content of financial statements thus you can use the information provided to make informed business decisions.
what is the implication of applying accounting concepts wrongly
Problem It is usually recognized that power is an essential component of accountability and that greater accountability is recognized towards those stakeholders who have more p
Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume
The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd