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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 must be open are liabilities, assets and capital stock and Retained Earnings accounts. List every account balances in the debit and credit columns and total them to make sure debits and credits are equal.
The amounts in the post-closing trial balance are as of the ledger after the closing entries have been posted. The subsequently section briefly describes the evolution of accounting systems from the one-journal to one-ledger manual system you have been studying to computerized systems. After that we discuss the role of an accounting system.
Q. Relevance information to financial reporting? To have relevance information should be pertinent to or affect a decision. The information should make a difference to someone
Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent record
Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
a simple discount note for $6,600 at a ordinary bank discount rate of 8.61% for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent
Received $170,000 cash from Electronic Arts, Inc. for service revenue earned in January.
Q. Neutrality of accounting information? The Neutrality signifies that the accounting information must be free of measurement method bias. The primary concern must be relevance
Q. Explain about Freight collect? Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms s
how do we credit debit cash received from owner
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.
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