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Q. Detailed steps for completing the work sheet?
Accountants use these preliminary steps in preparing the work sheet. The following segments describe the detailed steps for completing the work sheet.
- Enter the balances and titles of ledger accounts in the Trial Balance columns.
- Enter adjustments within the Adjustments columns.
- Enter adjusted account balances within the Adjusted Trial Balance columns.
- Extend adjusted balances of revenue as well as expense accounts from the Adjusted Trial Balance columns to the Income Statement columns.
- Extend any balances in the Retained Earnings as well as Dividends accounts to the Statement of Retained Earnings columns.
- Enlarge adjusted balances of asset, liability as well as capital stock accounts from the Adjusted Trial Balance columns to the Balance Sheet columns.
Q. What do you eman by Expenditure? Expenditure -- an expenditure takes place when something is attained for a business -- an asset isbought, salaries are paid and so on. An ex
Q. Last-in first-out inventory? LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first
Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac
what is the implication of applying accounting concept wrongly
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What is the implication of applying accounting concepts wrongly?
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