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how to prepare the worksheet look carefully at worksheet in the text remember that it is an informal working paper used to prepare financial
illustrate about the matching principle this principle requires that expenses and revenue be recorded in accounting period in which they occur for
how to determine the depreciationto determine depreciation in straight-line method take cost of the asset less the trade-in value and divide by the
explain the term- depreciationthis is a term which is used to describe the expense which results from loss of usefulness of an asset because of age
what is trial balancethis statement is a listing on a certain date which demonstrates all accounts and their balances this generally happen at the
state the term- debits must always equal creditsto help understand temporary owners equity accounts all transactions which affect owners equity could
recording business transactions account an account is an individual record or form to record and preacutecis information for each liability asset or
explain the types of financial statementsincome statement this is a summary of a businesss expenses and revenue for a specific period of time it only
financial statementssummaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an
explain the business assets withdrawal withdrawal drawing is removal of business assets for personal use by owner this transaction decreases the
business transactions and the accounting equationa transaction is any activity which changes the value of a firms assets liabilities or owners
what is owners equitydifference between liabilities and assets is owners equity the can also be known as capital proprietorship or net
define the term - liabilitiesliabilities are debts owed by business paying cash is generally not possible or convenient so businesses purchase
what are the elements of accounting assetsassets are items with money value which are owned by a business some instance are cash accounts receivable
state the types of business organizationsthere are numerous types of business organizations service business-doctors lawyers barber shop etc
determine the various forms of business organizationsthere are various forms of business organizationso business-organizations objective is to earn a
the nature of accounting accounting is process of recording analyzing summarizing and interpreting financial money-related activities to allow
explain the term- not-for-profit organisationsthere are many organisations that dont exist mainly for the pursuit of profit instance
state the relationship between return and riskthis relationship between return and risk has significant implications for setting financial objectives
concept of accounting for wealth creation it is significant to recognise that generating wealth for the owners isnt the same as seeking to maximise
how to determine the market economywithin a market economy there are strong competitive forces at work which ensure that failure to enhance owners
what is the financial objective of a businessa business is created to enhance wealth of its owners this may come as a surprise as there are other
define the term- how are businesses organisednearly all businesses which involve more than a few owners andor employees are set up as limited
process to increase the financial health of companyfinancial affairs of a limited company enter public domain with exception of small companies there
what are the advantage of limited liabilityadvantage of limited liability though imposes certain obligations on such companies to start up a limited