MACRO-ECONOMICS ASSIGNMENT TOPIC: NATIONAL INCOME ACCOUNTING IN INDIA WITH REFERENCE TO THE YEAR 2010-2011 What is NATIONAL INCOME? The concept of National Income is worth elaborating as it is the index of economic development. Innumerable varieties of goods are produced in an economy in a year. These goods or output are expressed in monetary terms. The aggregate of monetary values of all verities of goods produced in a country during a given period‚ usually a year is called National product. For the
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series of procedures in collection‚ processing‚ and communication of financial information. There are 7 basis steps of accounting cycle which comprise of source documents‚ prima entry‚ ledger‚ draft trial balances & financial statement‚ adjustments‚ adjusted trial balance & financial statement and closing entries. At first source documents‚ are things like invoice‚ credit note‚ debit note‚ cash bill‚ payment voucher‚ official receipt‚ cheque counterfoil and memo. All this document
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General Journal J1 Date Account Titles and Explanation Ref. Debit Credit 2014 Cash 101 20‚000 May. 1 Common stock 311 20‚000 (Issued shares of stock for cash) 3 Supplies 126 1‚500 Accounts Payable 201 1
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Refer to the list of income statement items in Problem 2-6A. Assume that Corbin Enterprises classifies all operating expenses into two categories: (1) Selling and (2) General and administrative. Required 1. Prepare a multiple-step income statement for the year ended December 31‚ 2010. 2. What advantages do you see in this form for the income statement? 3. Compute Corbin’s profit margin. 4. Comment on Corbin’s profitability. What other factors need to be taken into account to assess Corbin’s profitability
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No Fear of Death Chapter One: Escape The sound of running was all I could hear. I was running out of breath. My vision was hazy I saw people behind me falling over. I almost slipped over the muddy ground multiple times. The arrows were falling in flurries every few seconds. I was running beside mom‚ she looked more worn out than me. I was smaller than most‚ but I was also really fast. We were almost there. The forest. If we got there‚ we could get away without arrows flying at us. I looked over
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Entry 2 We have begun to leave‚ but we ran into some problems at the beginning of the trail. A lawyer crashed who does not know how to control mules. He flipped his wagon and now we have to wait until it gets clear. Many other wagons had troubles too. Most of them that had troubles‚ had mules. It took 2 hours for us to get back going again. We were very upset because we knew more troubles were coming ahead. We made it to the Kansas river. This river is very hard to get across. It took us 3
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ACC501: COMPUTERISED ACCOUNTING TUTORIAL 4 DISCUSSION QUESTIONS i. ‘Why are adjusting entries necessary? Surely they cause too much delay in preparing financial statements‚ and the financial effect of any entries made is immaterial in the long run.’ Respond to this criticism. ii. The owner of a business reviews the income statement prepared by you and asks‚ “Why do you report a profit of only $30 000 when cash collections of $100 000 were received and cash payments for the period totalled only
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mind that the top of the tarpaulin and the bow of the boat‚ bordered by the neutral territory of the middle bench‚ was my territory and utterly forbidden to him. 5. (Outliers) Page 45-46: “The challenge was that they gave all the students an account with a fixed amount of money‚ so your time would run out. When you signed on‚ you
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Title of reading: Reading critically |Page/par. # |Write your notes from the reading(s) here:|Write your personal ideas‚ reactions and | | | |responses here: | |P1/1 |An additional benefit of close‚ critical | | | |reading is that you will
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CHAPTER 2 – Investing and Financing Decisions and the Balance Sheet I. THE OBJECTIVE OF FINANCIAL REPORTING‚ THE ELEMENTS OF THE BALANCE SHEET‚ AND THE RELATED KEY ACCOUNTING ASSUMPTIONS AND PRINCIPLES. A. Primary objective of financial reporting 1. To provide useful economic information about a business to help investors and creditors make good financial decisions. a. Decision makers are expected to have a reasonable understanding of accounting concepts and procedures
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