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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.
What are the implications of applying accounting concepts wrongly?
consumer mind is a black box
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Q. Seasonality in sales? Based upon its operating record the company believes that its business is seasonal. Excluding the result of net sales, new store openings and earnings
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While mainly students are aware that accountants frequently assist their clients with tax returns and other tax issues, few are aware of the large number of diverse and challenging
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Concept of 'Fund' : The word 'Fund' has a range of meanings. several people take it identical to cash and for them, there is no dissimilarity between Cash Flow and Funds Flow
define accounting. Briefly explain its concepts
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