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Homework questions (MK: p.81)

Homework questions (MK: p.81). What is meant by “going concern”? What is historical cost accounting? Net book value? Replacement (current) cost accounting? Accounting in times of inflation? Double-entry bookkeeping? (Explain “double-entry”).

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Homework questions (MK: p.81)

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  1. Homework questions (MK: p.81) • What is meant by “going concern”? • What is historical cost accounting? • Net book value? • Replacement (current) cost accounting? • Accounting in times of inflation? Double-entry bookkeeping? (Explain “double-entry”). • What do the three financial statements consist of? (Make a clear list of items for each of them). • How are negative items recorded? • Where can the following information be found? a) How much does a company owe? What does it own? b) What are its sales and related costs and expenditure? c) What are company profits generally used for? d) What does equity include? e) Where does cash come from? What is it spent on?

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