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Uses of the Profit and Loss Account
1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise if the information is imprecise, either through lack of skill or deliberate fraud.
2) One time the profit (loss) has been precisely calculated, this can then be used for evaluation or judging how well the business is doing contrast to itself in the past, contrast to the managers' plans and compared to further businesses.
When buying an owner operated business from a franchised organization is the previous store manager''s salary discretionary?? can they count that as net income to the new owner op
Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
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. Advantages and Disadvantages of FIFO? FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods
Q. Starting inventory and net cost of purchases? Hanlon's start inventory (USD 24000) plus net cost of purchases (USD 166000) is equivalent to cost of goods available for sale
Q. What is Accumulated depreciation? Accumulated depreciation is a contra asset account to depreciable assets such like machinery, buildings and equipment. This account illustr
Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp
A document or shape used by a customer to issue an order for goods or services. I need notes on 1.Procure to pay cycle with accounting entries 2.give to cash
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
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