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Q. Explain about closing process?
Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Retained Earnings. You as well learned that we prepare financial statements for certain accounting periods. The closing process transfers (a) the balances in the revenue and expense accounts to a clearing account called Income Summary and after that to Retained Earnings and (b) the balance in the Dividends account to the Retained Earnings account. The closing process reduces expense, revenue and Dividends account balances to zero thus they are ready to receive data for the next accounting period. Accountants may perform the closing process monthly or annually.
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
ACCT225-1204A-01 Introduction to Tax Task Name: Phase 5 Individual Project Deliverable Length: All applicable tax forms and a Word document of 1–2 pages Details: Weekly tasks or
My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order g
Data evaluation is observed as the most significant activity in accounting recently. Evaluation of data comprises controlling the activities of business along with the assist of bu
Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
Remedies of overtrading
You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp
stpes to be taken prepaing for final accounts
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