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Q:

What is an accrued receivable? 

Answer:



Q:

The largest component of National Income in India is ____ ?

A) Service Sector B) Industrial Sector
C) Agriculture Sector D) Trade Sector
 
Answer & Explanation Answer: A) Service Sector

Explanation:

The  largest component of National income is service sector.

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Q:

What does drop ship mean in Accounts ?

Answer

Drop Ship refers to, a manufacturer shipping goods directly to one of its customers' customer (instead of delivering the goods to the customer that placed the order with the manufacturer).


This concept of shipping goods is called as drop ship, drop shipping or a drop shipment.

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6 378
Q:

What is the full form of SOX and what does it means in Accounting ?

Answer

Sarbanes Oxley Act. Otherwise known as Public companies Accounting reforms and investor protection Act. It was enacted in 2002 in USA after lot of scams come up on accounting framework whereby investors lose faith and confidence on accounting disclosures.

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Q:

What are the Golden Rules Of Accounting ?

Answer

Golden rules of accounting convert complex book-keeping rules into a set of well defined principles which can be easily studied and applied.



Real accounts involve machinery, land and building etc... Similarly when you credit what goes out, you are reducing the account balance when a tangible asset goes out of the organization. Debit All Expenses And Losses, Credit All Incomes And Gains. This rule is applied when the account in question is a nominal account.


Personal-Account


---Debit the receiver


---Credit the Giver


Real-Account


---Debit what comes in


---Credit what goes out


Nominal-Account


---Debit all expenses and losses


---Credit all income and gains

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Q:

Is it possible for a company to show positive cash flows but be in grave trouble ?

Answer

Absolutely. Two examples involve unsustainable improvements in working capital (a company is selling off inventory and delaying payables), and another example involves lack of revenues going forward in the pipeline.

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