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Final accounts gives an idea about the profitability and financial position of a business to its management, owners, the public and other interested parties. All business transactions are first recorded in a journal .
Examples of common financial accounts are sales, accounts [1] receivable, mortgages, loans, PP&E, common stock, sales, services, wages and payroll. A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency.
Liability accounts are used to recognize liabilities. A liability is a present obligation of an entity to transfer an economic benefit (CF E37). Common examples of liability accounts include accounts payable, deferred revenue, bank loans, bonds payable and lease obligations. Equity accounts are used to recognize ownership equity. The terms ...
However, due to the fact that accounting is kept on a historical basis, the equity is typically not the net worth of the organization. Often, a company may depreciate capital assets in 5–7 years, meaning that the assets will show on the books as less than their "real" value, or what they would be worth on the secondary market.
A Florida man is accused of stabbing his estranged girlfriend up to 70 times during a fatal break-in - exactly one month after he was nabbed for assaulting the victim and ordered to stay away from ...
Here's a simple way to prepare your turkey like a pro before roasting: Tuck the wings to enhance the presentation while ensuring even cooking. Securing the wings behind and close to the body ...
It's Thanksgiving week, and while people are planning to stuff their plates with all of the fixings, men's college basketball is serving a full slate of hoops with its plethora of holiday tournaments.
NCERT has a comprehensive extension program in which departments of the National Institute of Education, Regional Institute of Education, Central Institute of Vocational Education, and field coaches' offices in the states are engaged in activities. Several programs are organized in rural and backward areas to reach out to functionaries in these ...