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Explain the business assets Withdrawal Withdrawal (Drawing) is removal of business assets for personal use by owner. This transaction decreases the asset taken and value of
At the starting of the year, Hernandez Company had total assets of $872,310 and total liabilities of $497,500. (a) If total assets enhanced $147,320 during the year and total li
Q. General accepted accounting principles? In general accepted accounting principles (GAAP) set forth standards or methods for presenting financial accounting information. A
1) A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assu
A method of expressing the relationship between one accounting result and the other, which is intended to give a useful comparison. Accounting ratios helps in measuring the efficie
1. Carmen Santiago works for a number of businesses as a "consultant." She has helped design accounting systems, provided accounting services, and analyzed the financial stre
Desrocher Ltd. issued an instalment note on January 1, 2014 (with a required yield of 9%), in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent
PROFIT AND LOSS ACCOUNT CONCEPTS: The initial point in accepting the profit and loss account is to be clear about the Significance of "profit". Profit is the return for taki
A Customer Master Record is a permanent record that haves key information about a business partner or a material. This information must be entered into the system before any transa
what is the implication of applying accounting concepts wrongly
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