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Criticisms against setting of Accounting Standards: 1. Setting of Standards may occasionally control the type of treatment of definite items. 2. They may generat
It dates from the development of huge scale business and the advent of Joint Stock Company as a form of business that enables the public to participate in giving capital in return
Q. Explain about Prepaid insurance? The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this en
Cross indexing is made up
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
XYZ Technology had $640,000 of retained earnings on December 31, 2010. The company paid common dividends of $50,000 in 2010 and had retained earnings of $500,000 on December 31, 20
Concept of Flow of Funds : It refers to the 'Change in Funds' or 'Change in Working Capital'. That is, any increase or decrease in Working Capital. In business, daily, numerous t
AL MASA a sole trader,decided to install a new machine to use
Reliable information is essential before decision makers can make a sound decision involving the allocation of scarce resources. Accounting information is precious because decision
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