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The classification of accounts into real, personal and nominal is based on their nature i.e. physical asset, liability, juristic entity or financial transaction. The further classification of accounts is based on the periodicity of their inflows or outflows in the context of the fiscal year: Income is a short term inflow during the fiscal year.
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 ...
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 .
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Depression glass, with its rich history and intricate craftsmanship, is a staple at any and every antique store, but that doesn’t make these pieces a dime a dozen. During the Great Depression ...
Winter brings less daylight and colder temperatures, which can disrupt sleep. Seasonal Affective Disorder (SAD) is more common in winter due to the lack of sunlight, causing sleep disturbances.
In a series of videos, the man responsible for the deadly New Year’s attack in New Orleans discussed planning to kill his family and having dreams that helped inspire him to join ISIS, according ...
Examples include the valuation of an asset, the determination of financial accounts, the calculation of medicinal doses, or the size of a load-bearing beam for structural engineering. The risk may arise from inputting erroneous or fraudulent data values, from mistakes (or incorrect changes) within the logic of the spreadsheet or the omission of ...