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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 be compared to a table of contents. The groups of accounts typically appear in these order 1)assets, 2)liabilities, 3)stockholders' equity, 4)dividends, 5)revenues and 6)expenses. Individual accounts are in series in the ledger. Every account typically has an identification number and a title to help locate accounts when recording data. For instance a company might number asset accounts 100-199, liability accounts 200-299, stockholders' equity accounts and Dividends account 300-399, revenue accounts 400-499, and expense accounts 500-599.
We utilize this numbering system in this text. The uniform chart of accounts can be used in the first 11 section appears in a separate file at the end of the text. You must print that file and keep it handy for working certain problems and exercises. Companies may perhaps use other numbering systems. For example sometimes a company numbers its accounts in sequence starting with 1, 2 etc. The imperative idea is that companies use some numbering system. Now that you know how to record debits and credits in an account and how all accounts together form a ledger you are ready to study the accounting process in operation.
wat is assets and its types?
Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
Q. What is credit balance? If on the other side the sum of the credits exceeds the sum of the debits the account has a credit balance. For example assume that a company has an
Q. How does asset cash increase? An asset cash increases (debited) as well as a liability unearned service revenue increases (credited) by USD 4500. The credit is to Unearned S
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
Antidilution of Ownership The right of an investor is to continue the same percentage ownership of an organizations main stock in the event that the organization issues more s
Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
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