Compare and contrast liquidity and profitability. Your comparison should detail why profits and cash amounts are likely to be different in the financial statements

Module Learning Outcomes (from module syllabus) ⦁ LO 1 explain the nature, behaviour, and purpose of cost accounting, and apply cost accounting concepts, techniques, and methods to business transactions; ⦁ LO 2 review the basic principles of accounting, including the use of appropriate software; ⦁ LO 3 prepare financial statements from initial data, dealing with […]

What is Small’s portion of the net income? What is Big’s portion of the net income? Make the entry for this allocation.

Two people are starting a small IT firm. They come to you for advice on how to form a partnership. They have listed 2 scenarios and are asking you how to make journal entries for each one of the following transactions: Two partners, A and B, start a partnership. Partner A’s investment is the following: […]

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