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q what do you mean by supplies on handsupplies on hand approximately each business uses supplies in its operations it may classify supplies merely as
q what is prepaid rent explain with exampleprepaid rent prepaid rent is another instance of the gradual consumption of a previously recorded asset
q show adjustments for deferred itemsthis segment discusses the two types of adjustments for deferred items assetexpense adjustments and
q classes and types of adjusting entriesadjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued
q explain about matching principlethe matching principle need that expenses incurred in producing revenues is deducted from the revenues they
q what is cyclic reportingcyclic reporting and the matching principle necessitate the preparation of adjusting entries adjusting entries are journal
q explain about accounting periodas those interested in the activities of business need timely information companies must prepare financial
q need for adjusting entriesthe income statement of business information all revenues earned and all expenses incurred to generate those revenues
q explain accrual basis of accountingin certain circumstances companies may perhaps use the cash basis for income tax purposes all through the text
q explain cash basis of accountingprofessionals such as lawyers and physicians and some relatively small businesses may account for their revenues
q what are adjusting entrieswhen you start to analyze business transactions you saw that the evidence of the transaction is typically a source
the career paths outlined above dont nearly cover all of the many professional options available to tax specialists for instance are you concerned
a career in taxation is by no signifies limited to public accounting for the reason that there are so many types of taxes impacting so many aspects
while mainly students are aware that accountants frequently assist their clients with tax returns and other tax issues few are aware of the large
adjustments for financial reporting- explain the basic characteristics of the cash basis and the accrual basis of accounting- recognize the reasons
q learning objectives of horizontal and vertical analysis- an account is a storage element used to classify and summarize money measurements of
q example of horizontal analysisseveral companies have been restructuring their organizations and reducing the number of employees to cut expenses
q horizontal and vertical analysismanagement carry out horizontal and vertical analyses along with other forms of analysis to help evaluate the
q explain vertical analysisvertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as
q explain horizontal analyses and using the financial resultsthe computation of dollar and or percentage changes from one year to the next in an item
q uses of technology in accountingthe computers of persons in a given building or department are frequently connected in a local area network lan
q prepare a trial balance with examplethe larry fisher was captain of the football team at prestige university afterwards he earned a masters degree
q what is transposition or slide error explainwhen the trial balance doesnt balance try re-totalling the two columns if this step doesnt locate the
q what is trial balancethe firm credits two accounts payable and accounts cash in this one entry but the dollar totals of the debits and credits are
q what are simple journal entriesto understand the cross-indexing and posting process trace the entries from the general journal to the general