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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.
Why is a provision for depreciation made in the financial statements? A to charge the cost of non-current assets against profits B to make a provision for repairs C to mak
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,
Windsor Company will receive $100,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $100,000 receipt is ? Answer: PV = FV (PVIF) = $100,000 x 0.5132
Accounting information systems' output is required by external and internal users for decision making. you are required to use the following trial balance to prepare financial stat
Workers compensation insurance Workers compensation insurance provides protection for employees who suffer a job-related illness or injury. Entire cost is generally paid by t
Social Responsibility Accounting: Social responsibility accounting is a modern phase in the development of accounting and owes its birth to rising social awareness that has be
Q. Cash equivalents and investments? Cash as well as cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. SFA
Hi Team, I want to get an accounting assignment to be done according to NZ university standards. It''s from basic accounting (introduction to accounting). Need to be done by 10th
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