Anonymous
Mar 30
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Mar 30
Contract Account:
- This account is used to record all transactions related to a specific contract, such as expenses, revenues, and payments.
Contractee Account:
- This account is used to track the financial transactions of the party or entity that has entered into the contract.
Work in Progress (WIP) Account:
- This account is used to track the costs and revenues associated with projects that are still in progress and have not yet been completed.
Balance Sheet:
- The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity. It includes information on the contract account, contractee account, and WIP account to provide a comprehensive view of the company's financial status.
- This account is used to record all transactions related to a specific contract, such as expenses, revenues, and payments.
Contractee Account:
- This account is used to track the financial transactions of the party or entity that has entered into the contract.
Work in Progress (WIP) Account:
- This account is used to track the costs and revenues associated with projects that are still in progress and have not yet been completed.
Balance Sheet:
- The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity. It includes information on the contract account, contractee account, and WIP account to provide a comprehensive view of the company's financial status.
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Pabitra Adhikari
Apr 2
Solve the worksheet
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