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Q. Describe about ledger?
A ledger (general ledger) is the absolute collection of all the accounts of a company. The ledgers are feasibly in a bound volume in, loose-leaf form or in computer memory. Accounts plunge into two general groups (a) balance sheet accounts (assets, liabilities, and stockholders' equity) and (b) income statement accounts (revenues and expenses). The terms permanent accounts and real accounts as well refer to balance sheet accounts. Balance sheet accounts are real accounts for the reason that they aren't sub classifications or subdivisions of any other account.
They are permanent accounts for the reason that their balances are not transferred (or closed) to any other account at the end of the accounting period. Dividends accounts and the account Income statement are nominal accounts for the reason that they are merely sub classifications of the stockholders' equity accounts. Nominal literally indicates that ‘in name only'. Nominal accounts are as well called temporary accounts because they temporarily contain revenue expense and dividend information that is transferred (or closed) to the Retained Earnings account at the end of the accounting period.
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,
Q. Explain about statement of cash flows? Retained earnings usually consist of the accumulated net income of the corporation minus dividends distributed to stockholders. We exa
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Q. What is Managerial accounting information? A Managerial accounting information is for internal use and provides special information for the managers of a company. The inform
Treatment of Provision for Taxation and Proposed Dividend: As preparing the Funds Flow Analysis, the treatment of condition for Taxation and planned Dividend is very significa
Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert
Go to http://moneycentral.msn.com and look up the companies Lowe’s (symbol: LOW) and Home Depot (symbol: HD). To the left, you will see several different tabs. At the bottom, yo
Ask 1. What is the organization that is responsible for setting International Financial Reporting Standards? 2. What is the main company that Professor Levine uses for illustratio
Q. Illustrate Periodic inventory procedure? Companies by means of periodic inventory procedure make no entries to the Merchandise Inventory account nor do they maintain unit re
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