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Maryanne was looking to purchase a local business that sold coal jewelry to tourists along the interstate. The present business owner instructed his accountant, Jane Sane, CPA, to provide Maryanne with the company's financial statement and answer any questions she might have regarding the provided data. Sane mailed out the most recent set of financial statements, now three years old, to Maryanne. A few days later Sane received a phone call from Maryanne. Maryanne asked her how the ending inventory was calculated. Sane replied that inventory was calculated using a formula of her own design involving numbers provided by her late father. Explain how the qualitative characteristics of relevance and reliability have been violated in this situation.
Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage
journal entries and how to calculate entries 1. Braves estimates bad debt expense at 2% of net sales 2. At 12/31/11, 6 months of rent remains on the storage facility Braves lease
HOW TO DO DOUBLE ENTRY QUESTIONS
The Braggs & Struttin' Company produces an engine for carpet cleaners called the "Snooper." Budgeted cost and revenue data for the "Snooper" are given below, depends on sales of 40
Q. Explain about income statement? The income statement, sometimes called as an earnings statement that reports the profitability of a business organization for a stated period
Q. What is Estimated useful life? The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measure
Benchmarking A process by which a company reassesses its established business practices by comparing them with the best practices of other organizations. This process is desi
example of increase asset, decrease owner equity
Q. How does asset cash increase? An asset cash increases (debited) as well as a liability unearned service revenue increases (credited) by USD 4500. The credit is to Unearned S
Debtors are the major role of the business. He is the whole back bone of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our
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