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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.
What is ACOUNTS RECEIVABLE LEDGER Businesses have several customers and individual businesses aren't assigned an account number they are just in alphabetical order. Accounts
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
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 adjust
What are the accounting Principles?
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procedure followed in government system of accounting in india
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Which type of error would cause an entry in the suspense account? A. A page total from the purchases journal was posted as $9780 rather than the correct figure of $9870. B. C
Governmental agencies at the state, federal, and local levels employ governmental accountants. Habitually the duties of these accountants relate to tax revenues and expenditures. F
Q. What are Accrued items explain with example? Delayed items consist of two types of adjusting entries asset/expense adjustments and liability/revenue adjustments. For instanc
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