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Q. Transactions affecting only the balance sheet?
Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before actually recording it is an important part of financial accounting. An fault in transaction analysis results in incorrect financial statements.
Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate
Q. What is accrual basis of accounting? In the following illustration, notice that every business transaction affects two or more accounts in the ledger. As well note that
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
how do we credit debit cash received from owner
what is the implications of applying accounting concepts wrongly
Investigate the principles, standards and conventions of accounting by: assessing the need for financial information, its purpose and limitations analysing the role
Cash Flow Analysis: As per the Institute of Cost and Works Accountants of India (AICWAI), a Cash Flow Statement is a declaration setting out the flow of cash under different
Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. e
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
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