For each account, indicate whether it appears in the general ledger or the subsidiary ledger.

Q: Define asset-backed security

A: Answer: Asset backed security is nothing but a security is made up of other financial securities.…

Q: What constitutes a dicontinued operations.?

A: Definition:   Income statement: The financial statement which reports revenues and expenses from…

Q: Define T- account.

A: Transaction:   It is an economic event that is recorded in the accounting system of an organisation.…

Q: EBIT

A: EBIT is a measure used by companies to calculate their overall profitability. EBIT stands for…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: A disadvabtage of bind financing is,     only typed solution

A: Bonds are debt instruments issued by companies.  A company raises funds mainly through equity and…

Q: Define bill-and-hold arrangement with example.

A: Bill on hold: Bill on hold transaction specifies that shipping of the product is not done by the…

Q: What are roll-forward procedures? Provide some examples

A: Roll-Forward Procedure: Auditors perform procedure to draw out the conclusion from an interim date…

Q: Which of the following is not an example of an asset? 
   Group of answer choices Supplies. Accounts…

A: Supplies are the current assets which represent the cost of supplies on hand. Account receivable are…

Q: What is an invoice extension and how is it calculated?

A: Example:Assume you have an invoice with the following details:.Item A: Quantity = 6 units, Unit…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.