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Q. Explain the Adjusting Journal Entry?
Adjusting Journal Entry - An accounting entry made into a subsidiary ledger known as the Generaljournal to account for a periods changes, omissions or other financial data essential to be reported‘in the books' but not generally posted to the journals used for typical period transactions (cashreceipts journal, cash disbursements journal, payroll journal, sales journal and so on) entry is posted to general ledger accounts directly and generally will be numbered itself, datedand have an explanation. Illustration: AJE# 1 12-31-2003, debit Cash in bank $1,000. Creditinterest income $1,000, to record interest income on business bank account at year end, notrecorded in cash receipts journal though credited by the bank. (Cross-reference bank reconciliationand account where it was found)
Consider a world with two assets: a riskless asset paying a zero interest rate, and a risky asset whose return r can take values +10% or -8% with equal probability. An individual h
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Explain the Cash and cash equivalents Cash and cash equivalents include: Bank and cash balances Short term investments that are highly liquid and can be converted
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Is depreciation the loss of value of fixed assets No. An operative (and not a pseudo-philosophical) explanation of depreciation might be: it is a number that allows us to save
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