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Tips to be keep in mind while preparing the Financial Statements:
1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjusted once
2. Objects known in the adjustments have to be accounted for twice.
3. Some dissimilarity in the trial balance have to be transferred to suspense account. If the balance is small on the debit side, the difference must be shown on the asset side of the balance sheet and if the balance is small on the credit side, it have to be shown on the liabilities side of the balance sheet.
4. Where required, working notes have to be maintained for accuracy and clarity.
5. Several of the adjustments are exclusive, such as distribution of free example.
Hi, How to get help with tutor, in accounting exam prepartion? please suggest?
Cost sheet is sheet Where all the cost should be recorded which related to the produc.
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