Question
Q1. Accounting takes in the process of Identifying, Recording and Communicating. How would you like to explain the statement? Give support to your answer with
Q1. Accounting takes in the process of Identifying, Recording and Communicating. How would you like to explain the statement? Give support to your answer with examples on Identifying, Recording and Communicating.
Q2. Explain the concept of double entry system and its relationship with accounting equation.
Q3. Imagine yourself to be a Merchandiser and bring out three important merchandise transaction on purchases and sales in a proper journal format.
Answer
| Purchase Transactions | Sale Transactions | ||||||||
| Date | Description | PR | Debit | Credit | Date | Description | PR | Debit | Credit |
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
