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Q. What are simple journal entries?
To understand the cross-indexing and posting process trace the entries from the general journal to the general ledger. The ledgers accounts require not contain explanations of all the entries since any needed explanations can be obtained from the general journal.
Remember that no dollar signs appear in journals or ledgers. While amounts are in even dollar amounts accountants leave the cents column blank or use zeros or a dash. When they utilize lined accounting work papers, decimal points or commas are not needed to record an amount. When they utilize unlined paper they add both commas and decimal points.
The three-column general ledger accounts of Micro Train Company after the journal entries have been posted. Each ledger account would show on a separate page in the ledger. Trace the postings as of the general journal to the general ledger to make sure you know how to post journal entries.
All the journal entries exemplify so far have involved one debit and one credit these journal entries are called as simple journal entries. Numerous business transactions, but affect more than two accounts. The journal entry for these transactions engages more than one debit and/or credit. Such journal entries are called as compound journal entries.
A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250. Results illustrate actual hours of 10 980 and overhead of $276 652.
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Q. What is Chart of accounts explain? The chart of accounts is a absolute listing of the titles and numbers of all the accounts in the ledger. The chart of accounts is able to
explain the proceedure followed in government system of accounting in india
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Using 2012 as the base year, prepare a trend anslysis for the data that follow, and tell whether the results suggest a favorable or unfavorable trend.(round to one decimal place.
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