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q what is current liabilitiescurrent liabilities are debts due inside one year or one operating cycle whichever is longer the payment of current
q what is intangible assetsintangible assets consist of the nonmonetary noncurrent nonphysical assets of a business companies should charge the costs
q explain about long-term investmentsa long-term investment habitually consists of securities of another company held with the intention of a
q what is accumulated depreciationaccumulated depreciation is a contra asset account to depreciable assets such like machinery buildings and
q show the examples of long-term assetsproperty plant and equipment are assets with helpful lives of more than one year a company acquires them for
q explain about long-term assetslong-term assets are assets that a business has on hand or else uses for a relatively long time examples include
q what do you mean by notea note is an unqualified written promise to pay another party the amount owed either when demanded or at a certain
q explain merchandise inventoriesmerchandise inventories are goods supposed for sale section 6 starts our discussion of merchandise
q what is accounts receivableaccounts receivable as well called trade accounts receivable are amounts owed to a business by customers an account
q what is marketable securitiesmarketable securities are temporary investments such like short-term ownership of stocks and bonds of other companies
q explain about cash equivalentscash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible
q describe about cash role in balance sheetcash includes deposits in banks obtainable for current operations at the balance sheet date plus cash on
q define current assetscurrent assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period
q what is classified balance sheetthe balance sheets we presented thus far have been unclassified balance sheets an unclassified balance sheet has
q what are accounting software packagesaccounting software packages are normally menu driven and organized into modules such as accounts payable
q define an accounting systemeffects from a recent survey of 1400 chief financial officers cfos indicate that tomorrows accounting professionals will
q fundamental manual accounting systemthose planning on a public accounting career must do more than just learn accounting to develop the essential
q responsibility of leader and expertas a partner in the firm tracy will have numerous broad responsibilities she will engage in business development
q responsibility of general manager and salespersonupon promotion to manager tracy will start the transformation from auditor to executive she will
q responsibility of senior accountantas a senior accountant tracy will be accountable for the day-to-day management of several audit engagements
q explain about staff accountantlet us travel with tracy as she begins her career at the staff level at the onset she works directly under a senior
the decision has been made you tracy have opted to start your career by joining an international accounting firm but you cant help wondering if you
q explain about pegboard systemone more innovation in manual systems was the one write or pegboard system beside creating one document and aligning
q accounting systems from manual to computerizedthe manual accounting system with merely one general journal and one general ledger has been in use
q describe about post-closing trial balancea post-closing trial balance is trial balances taken subsequent to the closing entries have been posted