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Q. What do you mean by work sheet?
The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusting and closing entries and to prepare the financial statements. Typically they save these work sheets to document the end of period entries. A work sheet is merely an accounting tool and not part of the formal accounting records. Consequently work sheets may vary in format some are prepared in pencil thus that errors can be corrected easily. Other work sheets are organized on personal computers with spreadsheet software. Accountants prepare work sheets every time financial statements are needed that is monthly or quarterly or at the end of the accounting year.
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A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders'
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An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
Q. What is Marginal cost and marginal revenue? Marginal cost is the extra cost incurred by addingone more item. Marginal revenue is revenue from selling one more item. Economic
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
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