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Q. What is T-account?
To exemplify recording the increases and decreases in an account texts use the T-account which appear like a capital letter T. The name of the account such like Cash appears across the top of the T. We record enhance on one side of the vertical line of the T and decreases on the other side. A T-account look as follows
An accounting perspective: Business insight
Have you yet considered starting your own business? If subsequently, you will require understanding accounting to successfully run your business. To identify how well your business is doing you should understand and analyze financial statements. Accounting information as well tells you why you are performing as reported. If you are in business to develop or sell a certain product or perform a specific service you can't operate profitably or consider expanding unless you base your business decisions on accounting information.
For instance if you an owner invest cash in your business the company's assets increase as well as its stockholders' equity increases. This result was exemplify in the summary of transactions. In the subsequent steps in posting and recording the effects of a business transaction sections we use credits and debits and the double-entry procedure to record the increases and decreases caused by business transactions.
i want to clear concepts of journal
Q. What is Accumulated depreciation? Accumulated depreciation is a contra asset account to depreciable assets such like machinery, buildings and equipment. This account illustr
Liquidity refers to a company's cash position, availability of resources to meet short-term cash requirements, and overall ability to obtain cash in the normal course of business.
Q. Explain about accounting cycle? when an event is a measurable business transaction you require adequate proof of this transaction. After that you analyze the transaction's e
In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?
is exploration cost for mining companies regarded as assets or expense?
Why it is important for independent auditor to be a member of a professional body?
The following was taken from the records of the Frederic Products Company for 200X: 5) y for 200X: Total estimated manufacturing overhead cost for the year is $288,750 Total
Q. What is Cost of goods sold? The second major division of an income statement for a merchandising business is cost of goods sold. Cost of goods sold is denotes to cost to the
Q. Summary of significant accounting policies? As part of their annual reports companies comprise summaries of significant accounting policies. These policies help users in int
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