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Account titles and explanation column
The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account title to the right. For example in Exhibit 8 we show the debit to the Cash account and then the credit to the Capital Stock account. Any essential explanation of a transaction appears on the line(s) below the credit entry and is indented halfway between the accounts debited and credited. A journal entry explanation ought to be concise and yet complete enough to describe fully the transaction and prove the entry's accuracy. While a journal entry is self explanatory we omit the explanation.
exploration costs for mining companies are assets?.
Treasurer: He is the custodian arid manager of each cash and near-cash resources of the firm. The treasurer arranges credit reviews and sets policy for collecting receivables as d
Q. What is Posting reference column? This column demonstrates the account number of the debited or credited account. For example in Exhibit 8 the number 100 in the first entry
From the following details, prepare a balance sheet acid test ratio = 2.5 current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share capital =? Proprietary ratio =
Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
Q. Summary of significant accounting policies? As part of their annual reports companies comprise summaries of significant accounting policies. These policies help users in int
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Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
Q. Dividends paid to owners? Stockholders' equity is (a) improved by capital contributed by stockholders and by revenues earned through operations and (b) decreased by expenses
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