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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.
Explain the term- CASH SHORT AND OVER This account is used to record both a shortage and overage of cash in cash drawer. When change is made during a business day, mistakes can
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
Cooperton Mining just announced it will cut its dividend from $4 to $2.50 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expecte
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
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Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti
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Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
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