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Q. Detailed steps for completing the work sheet?
Accountants use these preliminary steps in preparing the work sheet. The following segments describe the detailed steps for completing the work sheet.
- Enter the balances and titles of ledger accounts in the Trial Balance columns.
- Enter adjustments within the Adjustments columns.
- Enter adjusted account balances within the Adjusted Trial Balance columns.
- Extend adjusted balances of revenue as well as expense accounts from the Adjusted Trial Balance columns to the Income Statement columns.
- Extend any balances in the Retained Earnings as well as Dividends accounts to the Statement of Retained Earnings columns.
- Enlarge adjusted balances of asset, liability as well as capital stock accounts from the Adjusted Trial Balance columns to the Balance Sheet columns.
Q. Explain about debits and credits? Accountants utilize the term debit instead of saying place an entry on the left side of the T-account. They utilize the term credit for Pla
OBJECTIVES OF FINANCIAL STATEMENT ANALYSIS Financial Statements are analyzed by dissimilar users for dissimilar purposes. Some of the purposes are as under- 1. To recognize
difference between credit and debit
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
introduction,features,objectives,types of branches,difference between branches and departments
incomestatment
Q. Explain cash basis of accounting? Professionals such as lawyers and physicians and some relatively small businesses may account for their revenues and expenses on a cash bas
Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a
my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
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