Compute interest and find the maturity date for the following notes. (Use 360 days for calculation.) Date of Interest Note Principal Rate (%) Terms Interest Maturity Date a. June 10 $90,000 6% 60 days $72,000 90 days $1 b. July 14 7% C. April 27 $18,000 8% 75 days %24 %24 %24

Q: What are the key components of a promissory note that need to be considered in accounting?

A: Promissory notes are  frequently used in fiscal deals  similar as loans, mortgages, and  marketable…

Q: Which function do accounting information systems provide in current accounting procedures

A: An accounting information system (AIS) constitutes of gathering, storage, and processing of…

Q: Explain mandated changes in accounting principle.

A: Accounting principles are the uniform practices that are followed in the preparation of the…

Q: What is ABC system in accounting? Explain with example?

A:

Q: Explain double entry in accounting and relate it to appropriate accounting concept.

A: Double Entry Accounting system In simple term double entry accounting to record the transaction in…

Q: Explain voluntary changes in accounting principle.

A: An accounting principle is a general guideline to follow when recording and reporting financial…

Q: What do the decisions based on accounting information include?

A: Accounting information is the collection and processing of the business transaction to conclude the…

Q: discuss where accounting records are kept

A: Accounting records refer to different sets of accounting books/records which are used to enter the…

Q: How does expense recognition impact the accounting equation

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: How can financial statement users assess the quality of accounting Information?

A: A financial statement is a report that presents the financial performance and position of a company…

Q: Tell me Features of accounting?

A: Accounting process starts with the process of maintaining books of accounts. Relevant business…

Q: What are different types of accounting information?

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: Name different accounting concepts.

A: Lets start with the basics. Accounting concepts are the basic thing to make the accounting…

Q: Question 2 Explain Dual Accounting System? Elaborate with the help of appropriate examples.

A: According to the dual aspect system, any business transaction must be recorded in two separate…

Q: Exactly why do you need an accounting system?

A: An accounting system is a bundle of processes with integrated procedures and controls. The…

Q: Which accounting application do you like the most and why?

A: Quick Books Online from Intuit has long been the most popular accounting solution for small…

Q: Name some users of accounting information.

A: Accounting is defined as an information system that reports the financial performance of a business…

Q: Why is accounting a system of information? Extend your explanation with an example from your own…

A: Introduction : Accounting a system of information : Accounting Information Systems aids in the…

Q: what are accounting principles?

A: Accounting principles are a set of rules and regulations that should be followed when reporting the…

Q: What is the importance of the matching principle in accounting? Provide an example.

A: The matching principle is an accounting rule that states that expenses and the revenue they…

Q: Who are the èxternal user's of accounting information

A: The accounting information is used by the external user and internal user. The External users are…

Q: How are provisions recorded in accounting?

A: In accounting, a provision is a liability that is recognized when there is a probable obligation for…

Q: What does it mean to recognize an accountingtransaction?

A: The accounting transactions that directly or indirectly alters the financial aspect of the…

Q: Explanation of double entry accounting and its relationship to pertinent accounting concepts

A: The notion of double-entry is critical in the accounting system since it allows for more accurate…

Q: W

A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…

Q: Explain the principles of revenue recognition in accounting, including the criteria for recognizing…

A: Revenue recognition refers to the process of recording and reporting revenue in an organization's…

Q: Why should you as accounting student need to understand normalization

A: Normalization techniques are important because they help in proper storage of data by eliminating…

Q: What accounting terms should I be familiar with?

A: . Accounting information summarizes and reports on a company's financial actions. Companies might be…

Q: Explain how and why some changes in accounting principle are reportedprospectively.

A: Changes in accounting principle: A change in accounting principle is said to be a change in a…

Q: Briefly explain the importance of independence of the accounting function in Accounting Information…

A: Accounting Information System: The system which helps to gather, store and process the accounting…