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Tips to be keep in mind while preparing the Financial Statements:
1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjusted once
2. Objects known in the adjustments have to be accounted for twice.
3. Some dissimilarity in the trial balance have to be transferred to suspense account. If the balance is small on the debit side, the difference must be shown on the asset side of the balance sheet and if the balance is small on the credit side, it have to be shown on the liabilities side of the balance sheet.
4. Where required, working notes have to be maintained for accuracy and clarity.
5. Several of the adjustments are exclusive, such as distribution of free example.
a simple discount note for $6,600 at a ordinary bank discount rate of 8.61% for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent
Ower invested cash in the company along with equipment at market value, the amount is considered part of capital or revenues?
uses
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par -
Management accountants may or mayn't be CPAs. If a management accountant passes an examination prepared and graded by the Institute of Certified Management Accountants (ICMA) and m
Q. Explain about debits and credits? Accountants utilize the term debit instead of saying place an entry on the left side of the T-account. They utilize the term credit for Pla
what is the implication of applying accounting concepts wrongly
State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat
began his business with equipment valued at $40,000 and place $400,000 in the business checking account. what are the accounts affected?
Full form= Winter compensation from contributions.
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