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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.
Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
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what is the implication of applying accounting concept wrongly
Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo
Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long term investment for $900,000. During the year, Paxton Corporation reported net income of $300,
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca
Investigate the principles, standards and conventions of accounting by: assessing the need for financial information, its purpose and limitations analysing the role
problems and solutions
A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00
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