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      CAfoundationLaw

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      • CAfoundationLaw
      • Page 43
      29 June

      Business Entity

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      This concept assumes that business has a distinct and separate entity from its owners. Thus, for the purpose 4 Eastern Medicine Treatment Options If You’ve Resolved to Avoid Topical Steroids in 2022 t3 liothyronine bodybuilding mankind pharma launches drug to …

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      29 June

      Accounting Concepts

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      The basic accounting concepts are referred to as the fundamental ideas or basic assumptions underlying the theory and practice of financial accounting and are broad working rules of accounting activities. In layman meaning – In order to make the accounting …

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      29 June

      Generally Accepted Accounting Principles (GAAP)

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      Generally Accepted Accounting principles refer to the rules or guidelines adopted for recording and reporting of business transactions in order to bring uniformity in the preparation and presentation of financial statements. These principles are also referred to as concepts and …

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      28 June

      Creditors

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      Creditors are persons and/or other entities who have to be paid by an enterprise an amount for providing the enterprise goods and services on credit. The total amount standing to the favor of such persons and/or entities on the closing …

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      28 June

      Debtors

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      Debtors are persons and/or other entities who owe to an enterprise an amount for buying goods and services on credit. The total amount standing against such persons and/or entities on the closing date, is shown in the balance sheet as …

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      28 June

      Stock

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      Stock (inventory) is a measure of something on hand-goods, spares, and other items in a business. It is called Stock in hand. In a trading concern, the stock on hand is the amount of goods that are lying unsold as …

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      28 June

      Purchases

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      Purchases are the total amount of goods procured by a business on credit and on cash, for use or sale. In a trading concern, purchases are made of merchandise for resale with or without processing. In a manufacturing concern, raw …

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      28 June

      Drawings

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      Withdrawal of money and/or goods by the owner from the business for personal use is known as drawings. Drawings reduces the investment of the owners.

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      28 June

      Goods

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      It refers to the products in which the business unit is dealing, i.e. in terms of which it is buying and selling or producing and selling. The items that are purchased for use in the business are not called goods. …

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      28 June

      Voucher

      • Posted by commerceachiever
      • Categories Accounts, Blogs, Learn - Free

      The documentary evidence in support of a transaction is known as a voucher. For example, if we buy goods for cash, we get a cash memo, if we buy on credit, we get an invoice; when we make a payment …

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