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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.
Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
i need to pay rent for 3 year 2011,2012,and 2013. am in 2012 1 December. what entries will be there for rent account and the rant account balance amount
The net cash provided by operating activities is affected by
what is accounting
.1 INTRODUCTION The world keeps developing new ways and technologies to help do things and achieve a timeline shorter compared to the way it previously used to be done. New techn
Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
Cash Flow Analysis: As per the Institute of Cost and Works Accountants of India (AICWAI), a Cash Flow Statement is a declaration setting out the flow of cash under different
An inflated budgeted expense account
A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price? A. $476 B. $595 C. $612 D. $644
Depreciation on an Motor Vehicle of 5,000,000
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