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Personal accounts --> Debit the benefit receiver, credit the benefit giver
Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses and losses, credit all incomes and gains
Q. What do you mean by Capitalize? Capitalize -- to capitalize means to record an expenditure on balance sheet as an asset,to be amortized over the future. Opposite is to expen
briefly explain management process
1. From the following information, prepare a Balance Sheet showing the workings: 1. Working Capital ` 75,000 2. Reserves and Surplus ` 1,00,000 3. Bank Overdraft ` 60,000 4. Curren
In June 2011,Kelly purchased new equipment for $26000 to be used in her business.Assuming Kelly has net income from her business of $75000 prior to the deduction,what is the maximu
When common stock has a par value of $2 and a market value of $15: 1.) the liability of the stockholders is $13 per share 2.) there will be additional paid-in capital of $1
Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every
Q. What is classified balance sheet? The balance sheets we presented thus far have been unclassified balance sheets. An unclassified balance sheet has three major categories li
Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider
State the term- Liabilities Current Liability is a debt which is due for payment within one year. Long-term liability is one NOT paid in a year. OWNER'S EQUITY Also
Distinctions between management and financial accounting We can observe that management accounting is less constrained than financial accounting. It may draw from a range of s
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