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q what do you understand by exempt organizationexempt organization - organization that is normally exempt from paying federal income tax exempt
exclusions - income item that is excluded from a taxpayers gross income by internal revenue code or an administrative action common exclusions
q what is capitalized interestcapitalized interest - interest cost incurred during time required to bring an asset tothe condition and location for
q show the capitalized costcapitalized cost - expenditure identified with services or goods acquired and measured by theamount of cash paid or market
q describe about capital stockcapital stock - ownership shares of a corporation authorized by its articles ofincorporation money value assigned to a
q what is capital gaincapital gain - portion of total gain recognized on the sale or exchange of a no inventoryasset that isnt taxed as ordinary
q what is bequestbequest - a gift by will of personal property if bequest is money to the extent its paid out ofincome from property it is taxable to
q what do you mean by bankruptcybankruptcy - legal process governed by federal statute whereby the debts of an insolventperson are liquidated after
q what is balance sheetbalance sheet - basic financial statement generally accompanied by appropriate disclosures which describe the basis of
q what is backup withholdingbackup withholding -payers of interest dividends and other reportable payments shouldwithhold income tax equal at a rate
q what do you mean by auditors reportauditors report - written communication issued by an independent certified public accountant cpa describing the
q explain the auditing standardsauditing standards - guidelines to which an auditor adheres auditing standards encompassauditors professional
q what is audit samplingaudit sampling - application of an audit procedure to less than 100 of items within anaccount balance or class of
q show the audit documentationaudit documentation -written record of the basis for auditors conclusions which provides the support for auditors
q what is assetasset - an economic resource which is expected to be of benefit in the future probable futureeconomic benefits attained as a result of
assertion -implicit or explicit representations by an entitys management which are embodied infinancial statement components and for which auditor
q assembly of financial statementsassembly of financial statements -providing of various accounting or data-processingservices by an accountant
q what do you mean by earnings per shareanti-dilution - condition which may increase computation of earnings per share epsor decrease loss per share
q report to stockholders of a companyannual report - report to stockholders of a company that includes companys annualaudited balance sheet and
analytical procedures - substantive tests of financial information that examine relationships among data as a means of obtaining evidence such
q what is amortizationamortization -periodic and gradual reduction of any amount like the periodic write-down ofa bond premium cost of an intangible
american institute of certified public accountants aicpa - national professionalmembership organization which represents practicing certified public
the following items are found in the trial balance of ms sharada enterprise on 31st december 2000 10 marks summer 2013 sundry debtors
q explain briefly the role of computers in accountingcomputers can be used as accounting machines and perform all the functions which accounting
q what do you mean by suspense account how are errors in accounting classified suspense account a suspense account is an account which is opened when