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Q. Can you explain about balance sheet?
The balance sheet, sometimes called as the statement of financial position lists the liabilities, company's assets and stockholders' equity including dollar amounts as of a specific moment in time. That precise moment is the close of business on the date of the balance sheet. Observe how the heading of the balance sheet differs from the headings on the income statement and statement of retained earnings. A balance sheet is similar to a photograph it captures the financial position of a company at a particular point in time. The other two statements are meant for a period of time. As you study regarding the liabilities, assets and stockholders' equity contained in a balance sheet you will understand why this financial statement provides information about the solvency of the business.
Q. In between FIFO and lifo which one is the correct method? The differences for the four methods take place because the company paid different prices for goods purchased. No d
Different Methods Of depreciation Diminishing Value Method Straight Line Method Annuity Method Depletion Method Written Down value Method
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Criticisms against setting of Accounting Standards: 1. Setting of Standards may occasionally control the type of treatment of definite items. 2. They may generat
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Q. Describe about post-closing trial balance? A post-closing trial balance is trial balances taken subsequent to the closing entries have been posted. The only accounts that mu
example of increase asset, decrease owner equity
Ken, a resident, is a handyman who contracts with people to do a variety of jobs including repairing fences, fixing household items and small painting jobs. As part of this work, K
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
Q. Explain about Accounting transaction? An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabiliti
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