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Q. Show double-entry procedure or duality?
In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we debit one account (or accounts) for USD 100 we should credit another account (or accounts) for a total of USD 100. The accounting requirement that every transaction be recorded by an entry that has equal debits and credits is called double-entry procedure or duality.
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
#How to make journal entries?
owner got personal loan from his bank and sign note payable.what is the journal entries?
Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo
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The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to every other must
what is accounting
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Significance of Accounting Standards: Setting of Standards is an effort to standardize the reporting of accounting information across the country and also transversely the glob
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
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