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Q. Show double-entry procedure or duality?
In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we debit one account (or accounts) for USD 100 we should credit another account (or accounts) for a total of USD 100. The accounting requirement that every transaction be recorded by an entry that has equal debits and credits is called double-entry procedure or duality.
Q. Explain about Representational faithfulness? Representational faithfulness To increase insight into this quality considers a map. When it shows bridges and roads where roads
1. For what reasons do corporations purchase the stock of other corporations? 2. Explain how marketable securities should be classified in the balance sheet. 3. Describe the valu
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
Why to and by using in journal, trading a/c, p&l a/c and ledger?
#quesDance fans switch away from dance music to R&B music AND the price of MP3 players decreases. tion..
The transactions for February need to be processed on MYOB with the Username:n10026509 and no password and make sure the audit trail is on. Then Part B is a performance report. The
what are special journals
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
Spin off is making new company by selling or distributing the shares of existing company
Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third
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