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People also ask mcq q and a for lkas 02
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What are the 5 main in accounting?
The 5 primary account categories are assets, liabilities, equity, expenses, and income (revenue) Once you understand how debits and credits affect the above accounts, it's easier to determine where to place your sub-accounts.
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What are the important topics of accounting?
What are the basics of accounting? Basic accounting concepts used in the business world encompass revenues, expenses, assets, and liabilities. Accountants track and record these elements in documents like balance sheets, income statements, and cash flow statements.
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What is the basic accounting question?
Basic accounting questions focus on topics concerning the financial statements and how transactions are recorded.
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What are the 5 key of accounting?
Although the guidelines for accountants are extensive, there are five main principles that underpin accounting practices and the preparation of financial statements. These are the accrual principle, the matching principle, the historic cost principle, the conservatism principle and the principle of substance over form.
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What are the objectives of Lkas 2?
- LKAS 02 provides guidance on accounting for inventories, including measurement of inventories at the lower of cost and net realizable value. - Cost of inventories includes costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition.
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What are the important questions of accounting?
36 Accounting Interview Questions And Answers Define what is a balance sheet? ... What does Tally accounting mean? ... What is the difference between capital and revenue transaction? ... What is the meaning of working capital? ... What is the meaning of premises in terms of accounting? ... What is VAT?
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