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Q. What is Articulate?
The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided effect on each party engaging in the transaction. Therefore to record a transaction each party debits at least one account and credits at least one account. The total debits equal the total credits in every journal entry. When learning how to prepare work sheets in section 4 you learned that financial statements are basically related and articulate (interact) with each other. For instance we carry the amount of net income from the income statement to the statement of retained earnings. Then we hold the ending balance on the statement of retained earnings to the balance sheet to bring total assets and total equities into balance.
Q. Example of horizontal analysis? Several companies have been restructuring their organizations and reducing the number of employees to cut expenses. AT&T, General Motors, IBM
Q. Example on completion method? Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percen
Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed
Cash Flow Statement Vs Funds Flow Statement: together the Cash Flow Statement and Funds Flow Statement give approximately comparable picture of the firm. They don't be different
A sweep account is actually a grouping of two or more accounts at a bank. It is useful in managing a steady cash flow among a cash account where scheduled payments are made from an
Periodic Review
Q. Explain Financial accounting information? A Financial accounting information is precedent in nature that reporting on what has happened in the past. To facilitate comparison
what accounts go into a balance sheet
Buyer's Direct Mills (BDM) Inc. is a century old textile company that takes raw cotton and spins it into cotton yarn. This yarn is in turn purchased by weaving companies which prod
For my accounting class, how would I journalize the adjusting entry for Annual depreciation is $3,480 on the building with the building amounting to $76,000 on the trial balance fo
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