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Q. What is the use of balance sheet?
Balance sheet -- a statement of the financial position of a company at a single specific time(often at the close of business on last day of the month, quarter or year.) Balancesheet generally lists all assets on the left side or top whereas liabilities and capital are listed onthe right side or bottom. Total of all numbers on the left side or top should equal orbalance the total of all numbers on the right side or bottom. A balance sheet balancesaccording to this equation: Assets = Liabilities + Capital.
Q. Interest rate implied in cash discounts? Interest rate implied in cash discounts to decide whether you should take benefit of discounts by using your cash or borrowing makes
the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.on..
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
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Advantages of setting Accounting Standards: 1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly. 2. Sett
Answer the following questions in 200 to 300 words: · Nonprofit organizations are required to produce financial statements based on the accrual method of accounting
A company pays rates annually/yearly in advance on 1 April every year. $4000 is paid by them on 1 April 2009 and $4800 on 1 April year 2010. The company's accounting year end is 31
in 2011 hardin company had 220000 shares $10 par common stock, march 1 issued 45000 shares at $22, June 1 issued 15% stack dividend, July 1 issued 10000 at $27, Aug 31 2-for-1 st
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