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Management accounting and financial accounting
Accounting is generally seen as having two different strands which are:
? Management accounting that seeks to meet accounting needs of managers; and
? Financial accounting that seeks to meet accounting needs of all of the other users.
example of increase asset, decrease owner equity
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
What is ACOUNTS RECEIVABLE LEDGER Businesses have several customers and individual businesses aren't assigned an account number they are just in alphabetical order. Accounts
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course o
Q. What is Current liabilities? Current liabilities are debts due inside one year or one operating cycle whichever is longer. The payment of current liabilities usually require
Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co
Q. What is transposition or slide error explain? When the trial balance doesn't balance try re-totalling the two columns. If this step doesn't locate the error divide the diffe
Solution Manual
what is the contributed capital and how do you figure it out?
Q. Learning objectives of trial balance? - The cash basis of accounting know revenues when cash is received and recognizes expenses when cash is paid out. - The accrual basi
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