current events
What are considered liabilities in accounting?
Liabilities are any debts your company has, whether it’s bank loans, mortgages, unpaid bills, IOUs, or any other sum of money that you owe someone else. I...
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Current Events
Expert insights and detailed technical documentation about Current Events.
current events
What are assets on an adjusted trial balance?
The formula for current assets is calculated by adding all the asset from the balance sheet that can be transformed to cash within a period of one year or...
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current events
What are the steps in preparing fund flow statement?
PREPARATION OF FUNDS FLOW STATEMENT Step I: Prepare Statement of Changes in Working Capital. Step II: Prepare Funds from Operations. Step III: Preparation...
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current events
What are some contra asset accounts?
Types of contra asset accounts Accumulated depreciation. Accumulated depletion. Obsolete inventory reserves. Allowance for doubtful accounts. Trade accoun...
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current events
Why accounting concept is important?
Importance of Accounting Concept It improves the quality of financial statements and reports with respect to understandability, reliability, relevance, an...
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current events
How do you record inventory purchases?
Inventory purchases are recorded on the operating account with an Inventory object code, and sales are recorded on the operating account with the appropri...
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current events
What is meant by revenue income?
Revenue is the income generated from normal business operations and includes discounts and deductions for returned merchandise. It is the top line or gros...
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current events
What is management accounting definition?
Managerial accounting is the process of “identification, measurement, analysis, and interpretation of accounting information” that helps business leaders ...
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current events
Which is better private limited company or public limited company?
Both private and public limited companies have it’s own advantages and disadvantages….What is the Difference between Private and Public Limited Company? F...
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current events
What is economic decision in accounting?
Economic decision making, in this book, refers to the process of making business deci- sions involving money. All economic decisions of any consequence re...
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current events
What does it mean when an expense is incurred?
An incurred expense is a cost that a business incurs when it purchases goods or services on credit. The transaction is recorded in accounts payable since ...
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current events
How do you solve a profit and loss problem in math?
Formula: Loss = Cost price (C.P.) – Selling Price (S.P.) Profit or Loss is always calculated on the cost price….Below is the list of some basic formulas u...
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