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What do the "transfer" items in the notes to the financial statements relate to? (in the capital assets section; Plant, property & equipment and Intangible assets
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. e
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
trial balance as at may 31 19*6 dr cr sales 400000 purchases 350000 sales return 5000 purchases return
In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?
Q. Sales discounts and Sales returns? Sales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early payment of an amount due
Q. What is classified balance sheet? The balance sheets we presented thus far have been unclassified balance sheets. An unclassified balance sheet has three major categories li
what are the activities in the business organization
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