Describe briefly the term adjustment entries
Describe briefly the term Adjustment entries?
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Adjustment entries are the entries that are passed at the ending of each accounting period to correct the nominal and other accounts so that correct net profit or net loss is shown in profit and loss account and balance sheet might also represent the accurate and right view of the financial condition of the business.
Describe distinguish between the term Financial Accounting and Cost Accounting?
Write down the steps in procurement of material?
he following information is taken from the financial statements of an entity: 20x4 20x3 Property, plant and equipment $4,600,000 $4,200,000 Accumulated depreciation (1,800,000) (1,350,000) Depreciation expense 560,000 Gain on disposal of PPE 65,000 The asset disposed of had a cost
Describe briefly the term idle time and also write down its effects?
Describe briefly the term Balance Sheet? Why is Balance Sheet prepared?
Give a brief introduction of the term ‘Convention of Conservation’?
Give a brief introduction of the term Convention of Materiality?
Write down the consequence of depreciation of assets on profits received by owners?
Briefly describe the accrual basis of accounting by describing the principles involved.
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