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Q. What do you mean by suspense account? How are errors in accounting classified? Suspense account: A suspense account is an account, which is opened when the trail balance does not tally, and in which the difference in the trail balance is entered to tally the trail balance. It is an account that is used to store short term funds until a present decision is made about their allocation. A suspense account is a temporary resting place for an entry that will end up somewhere else once its final destination is determined.
Classification of Errors:
1. Error of omission
2. Error of commission
3. Error of principle
4. Compensating errors
5. Errors of duplication
Q. Bento, Inc. had 500,000 shares of common stock outstanding before a stock split occurred, and 1,500,000 shares outstanding after the stock split. The stock split was a. 2-for-5.
According to the Solow model, how would each of the following affect consumption per worker in the long run (i.e. in the steady state)? Draw a figure and explain. a. The destruc
Determine balance sheet: Income Statements Year Ended December 31, 20X8 Insure Co. Go-med Co. Sales $3,900,000
The company incurs a payroll payable of $645 per weekday of operations. The mondays of january are the 3rd, 10th, 17th, 24th, and the 31st. Paydays are every other Friday with payd
An introduction to the company, which focuses on the context in which the company operates: • Ownership, development and location; • Resources, processes and employment; •
State the role of Accounting information Accounting information has a significant role to play in reporting the extent to which different groups have benefited from the busines
Do you have anyone on staff that understands acquisition accounting procedures?
Analyze one completed M&A transaction from recent times There are two main requirements (1) an analysis of the strategic and economic rationale behind the merger, and (2) an analy
Q. Explain briefly the role of computers in accounting? Computers can be used as accounting machines and perform all the functions which accounting machines perform. Some of th
Ace Company has a 30 percent marginal tax rate and uses a 12% discount rate to compute NPV. The firm started a venture that will yield the following before-tax cash flows: year 0,
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