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Q. What do you mean by Liabilities?
Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of its liabilities by purchasing items on credit. Metro's liabilities contains of accounts payable amounts owed to suppliers for previous purchases and notes payable written promises to pay a specific sum of money totalling USD 6600. Metro Courier Inc is a company. The owners' concern in a corporation is referred to as stockholders' equity. Metro's stockholders' equity comprise of USD 30,000 paid for shares of capital stock and retained earnings of USD 2,100.
Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
A Bank reconciliation manipulates cross verifying the entries in the cash book(bank balance)with that of pass book. Mostly the reasons for disagreement of cash book with that of
Q. What is dividend? One idea of the statement of retained earnings is to connect the income statement and the balance sheet. The statement of retained earnings describes the c
What are the implications of applying accounting concepts wrongly?
Internal Auditor: Internal Auditor is a worker of the organization in contrast to an external auditor who is paid a fee for his employment. The internal auditor is responsible for
GAAP that is Generally Accepted Accounting Principles encompass the conventions, rules and processes necessary to explain accepted accounting practice at an exact time........gener
The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding is Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Wh
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
transactions can be even directly entered to the ledger elaborate and explain why journal is necessary
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