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Q. What is accrual basis of accounting?
In the following illustration, notice that every business transaction affects two or more accounts in the ledger. As well note that the transaction date in both the general journal and the general ledger accounts is the same. In the ledger accounts and the date used is the date that the transaction was recorded in the general journal even if the entry isn't posted until several days later. Our illustration shows the journal entries posted to T-accounts. In fact firms post journal entries to ledger accounts.
Accountants utilize the accrual basis of accounting. In the accrual basis of accounting they recognize revenues when the company makes a sale or performs a service regardless of when the company receives the cash. They are familiar with expenses as incurred whether or not the company has paid out cash. Section 3 examines the accrual basis of accounting in more detail.
Q. Illustrate about accounting cycle? The accounting cycle is a series of points performed during the accounting period some throughout the period and some at the end to reco
Hi Team, I want to get an accounting assignment to be done according to NZ university standards. It''s from basic accounting (introduction to accounting). Need to be done by 10th
explain the procidure followed in government system of accounting in india?
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
help with paper on basic transaction processing fr Richard Simmons
Q. Define purchase discounts and purchase returns? Two general deductions from purchases are (a) purchase discounts and (b) purchase returns and allowances. In the general ledg
Acquired a shop on monthly rent for Rs. 3,000 after paying cash Rs. 36,000 as advance rent ??
Gwinnett Park Co. reported net income of $506,600 for its fiscal year ended September 30, 2014 . At the beginning of that year, 150,000 shares of common stock were outstanding. On
Distributions to owners are reducing in equity of a particular business enterprise resulting from transferring rendering services, assets or incurring liabilities by the enterprise
You won a lottery which pays $10,000 per year for 10 years (at the end of each year). Assuming a discount rate of 8% calculate the present value of your expected winnings
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