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Cambridge O Level Principles of Accounts (7110) Notes - PapaCam…
Classification of Accounts. Account. Title Account. Classification Normal . Balance Financial. Statement Accounts Payable Current liability Credit Balance sheet Accounts Receivable Current asset Debit Balance sheet Accumulated Depreciation Plant asset Credit Balance sheet
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[DOC File]CHAPTER 1: INTRODUCING FINANCIAL ACCOUNTING
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You are considering purchasing Schmitz Consulting, but you aren’t sure what price to offer. Currently the company has $120,000 in the bank, $15,000 in accounts receivable, and $22,000 worth of computer and office equipment. In addition, the seller owes the bank $20,000 for a loan and $5,000 in accounts payable for some of the equipment.
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[DOC File]SUMMARY OF ACCOUNTING BASICS
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Principles and Assumptions of Accounting. Two types: General Principles—the basic assumptions, concepts, and guidelines for preparing financial statements. Specific Principles—detailed rules used in reporting business transactions and events. a. Accounting Principles. i. Cost Principle. Means that accounting information is based on actual cost.
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[DOCX File]E2-7 (Accounting Principles—Comprehensive) Presented …
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Accounts and notes receivable are sometimes called trade receivables because they result from sales transactions and occur in the normal course of business operations. 03. (a) Using an accounts receivable subsidiary ledger makes it possible to determine the balance owed by an individual customer at any point in time.
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[DOC File]PRINCIPLES OF FINANCE
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«Name» SIGNIFICANT ACCOUNTING POLICIES & NOTES ON FINANCIAL STATEMENTS. Note No. : ___ Significant Accounting Policies. Basis of accounting:-These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) including the Accounting Standards notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the ...
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[DOC File]CHAPTER 2: ACCOUNTING FOR TRANSACTIONS
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Sep 03, 2010 · Notes Payable 20,000. Unearned Rent Revenue 9,300. Rent Revenue 60,000. Interest Expense –0– Wage Expense 14,000. An analysis of the accounts shows the following. 1. The equipment depreciates $250 per month. 2. One-third of the unearned rent was earned during the quarter. 3. Interest of $500 is accrued on the notes payable. 4. Supplies on ...
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[DOCX File]«Name» - ITR filing, GST return filing, Accounting ...
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4. Subject to the qualification given below in our opinion and to the best of our information and according to the explanation given to us the accounts together with the notes there on and documents attached there to give the information required by the company’s Act of 1956 in the manner so required and give a true and fair view. a.
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[DOC File]PRINCIPLES OF ACCOUNTING 111
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Examples: wages payable to workers, accounts payable to suppliers, notes payable to banks, taxes payable to the government Equity. Is the owner’s claim on assets. It is the owner’s actual interest in the business. Also called “net assets” or “residual equity”.
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[DOC File]Accounting Principles, Third Canadian Edition
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PRINCIPLES OF FINANCE. REVIEW PROBLEMS . To Accompany Principles of Managerial Finance, Brief, Fifth Edition by Lawrence J. Gitman ... Accounts payable $ 50,000. Cost of goods sold 400,000. ... Notes payable +20,000 S Long-term debt -5,000 U. XYZ purchased a …
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[DOCX File]curriculum.naf.org
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Describe the nature and characteristics of promissory notes. Journalize the entries for notes receivable transactions. Prepare the Current Assets presentation of receivables on the balance sheet. Compute and interpret the accounts receivable turnover and the number of days’ sales in receivables.
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Principles of accounts notes