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Q. What is trial balance?
The firm credits two Accounts Payable and accounts Cash in this one entry. But the dollar totals of the debits and credits are equal. Cyclically accountants use a trial balance to test the equality of their debits and credits. A trial balance is a record of the ledger accounts and their debit or credit balances to determine that debits equal credits in the recording process. The accounts show in this order 1) assets 2) liabilities 3) stockholders' equity 4) dividends 5) revenues and 6) expenses. Within the assets group the most liquid (closest to becoming cash) asset appears first and the least liquid appears last. Inside the liabilities those liabilities with the shortest maturities appear first. Revise Exhibit 13 the trial balance for Micro Train Company. Note the catalogue of the account numbers and account titles on the left the column for debit balances the column for credit balances and the equality of the two totals.
Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May a. Encik Farid
Explain What do you recognized by Open Item Managed Account? Ans) Open item management make sure that all items that have not yet been cleared are available in the system. Only
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
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Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. T
Q. What are Accounting software packages? Accounting software packages are normally menu driven and organized into modules such as accounts payable, general ledger, accounts re
Classified income statement It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections: 1. Revenue
Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys
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