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Q. What do you mean by single proprietorship?
A single proprietorship is a non incorporated business owned by an individual and often managed by that same person. Single proprietors comprise lawyers, physicians, electricians and other people in business for themselves. Several small service businesses and retail establishments are as well single proprietorships. None of legal formalities are necessary to organize such businesses and generally business operations can begin with only a limited investment. In a single proprietorship system the owner is only responsible for all debts of the business. For an accounting purposes but the business is a separate entity from the owner. Therefore single proprietors should keep the financial activities of the business such as the receipt of fees from selling services to the public separate from their personal financial activities. For instance owners of single proprietorships must not enter the cost of personal houses or car payments in the financial records of their businesses.
If Alisha Maintenance manufacturing has: total maintenance cost of $2,785,000 total fixed maintenance cost of $310,000 total variable maintenance cost of $2,475,000 total m
Q. Explain about Representational faithfulness? Representational faithfulness To increase insight into this quality considers a map. When it shows bridges and roads where roads
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
define accounting
Suppose a firm owns oil well assets. It is deciding how much oil to extract from its oil wells this year and next year. Production of oil costs $10 per barrel this year; next year,
Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and
Market determines are useful for analyzing publicly traded corporations. Many of these calculates use stock price, which reflects the market's (public's) expectation for the compan
A company’s sales volume averages 4,000 units per year. Recently, its main competitor reduced the price of its product to $48. The company expects sales to drop dramatically
In earlier times in history, wealthy people utilized 'stewards' to direct their property. These stewards made an account of their stewardship to their owners periodically. This ide
Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed. ? Enter the J
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