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Q. Describe the essential steps in the closing process?
In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue and Dividend accounts are closed not liability, asset, Capital Stock or Retained Earnings accounts. The four essential steps in the closing process are
- Closing the revenue accounts that are transferring the balances in the revenue accounts to a clearing account called Income Summary.
- Closing the expense accounts that are transferring the balances in the expense accounts to a clearing account called Income Summary.
- Closing the Income Summary account that are transferring the balance of the Income Summary account to the Retained Earnings account.
- Closing the Dividends account that are transferring the balance of the Dividends account to the Retained Earnings account.
define accounting. Explain the accounting concepts which guide the accountant at the recording stage.
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
decrease in assat & decrease in capital
It is reduction of taxes where from the income is produces and regarding services to be taxed there are about 120 services which are taxed in India for provision of service tax
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code has b
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
What are examples of deferred revenue expenditure? Ans) It is an expenditure the advantage of which will be realized over a period and not during the present period. Ex-Heavy Ad
WHERE DO I START? I have two questions QUESTION1 On March 31, 2010, our company, Harry Yolo, purchased a 100,000. 8% 10-year bond for 102 from Fish Gimp, due in 6 years & 8 months
Create an adjusted trial balance & journal entries Bank charges of $932.70 were not recorded in the books for 2014. These were credit card fees charged by the bank for Edwards
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