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Accounts; Economics; Business; Post your doubts here!

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How long does it take to complete the entire course of commerce?

Plus, what are consumer protection laws? :S
A week.

Laws passed to protect consumers from exploitation naa. cause the consumer is relatively weak and powerlesss in front of an entrepreneur and thus needs govt help. against misleading claims,advertisements and health risks etc, :3 :p
 
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: How does prudence stop Goodwill from being stated in the balance sheet?
Prudence states that any unrealised profit (even if it is recognized: like Goodwill) must not be included in the accounts until it is realised. Purchased(or Inherited) Goodwill is paid for and hence realised so it is recorded while perceived goodwill is not recorded. Did you get it?
 
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What is a realization account?
It is an account which is made when business (usually partnership in questions) is dissolved or sold. It matches up the book values and values at which assets are sold. the balancing amount is profit or loss on realisation. Got it?
 
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Prudence states that any unrealised profit (even if it is recognized: like Goodwill) must not be included in the accounts until it is realised. Purchased(or Inherited) Goodwill is paid for and hence realised so it is recorded while perceived goodwill is not recorded. Did you get it?
Thanks a ton. Cheers! :)
 
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What happened, can't anyone answer my SIMPLE questions?
This thread is SOOOOO dead as compared to the Sciences thread
 
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