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Q. Explain about closing process?
Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Retained Earnings. You as well learned that we prepare financial statements for certain accounting periods. The closing process transfers (a) the balances in the revenue and expense accounts to a clearing account called Income Summary and after that to Retained Earnings and (b) the balance in the Dividends account to the Retained Earnings account. The closing process reduces expense, revenue and Dividends account balances to zero thus they are ready to receive data for the next accounting period. Accountants may perform the closing process monthly or annually.
Determine about the Debit memorandum A debit memorandum is the buyer's written request to seller for credit. Individual account is debited to reduce the amount which they nee
Function and scope of the Accounting Standards Board: The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up su
the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later
My assignment was due to me by 9:52 my time.
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
stpes to be taken prepaing for final accounts
Q. Show Credit and debit rules for expense? The credit and debit rules for expense and Dividends accounts and for revenue accounts follow logically if you remember that expense
Determine the symbols of Net Sales for the Period - Cost of Goods Sold = Gross Profit - Operating Expenses + Other Income - Other Expenses =
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
Q. What do you mean by Supplies on hand? Supplies on hand approximately each business uses supplies in its operations. It may classify supplies merely as supplies to include al
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