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Tips to be keep in mind while preparing the Financial Statements:
1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjusted once
2. Objects known in the adjustments have to be accounted for twice.
3. Some dissimilarity in the trial balance have to be transferred to suspense account. If the balance is small on the debit side, the difference must be shown on the asset side of the balance sheet and if the balance is small on the credit side, it have to be shown on the liabilities side of the balance sheet.
4. Where required, working notes have to be maintained for accuracy and clarity.
5. Several of the adjustments are exclusive, such as distribution of free example.
The range of accounting can be presented in a diagrammatic form. Data collection and creation is the area that provides raw material for accounting. The data collecte
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what is implication wrongly application of accounting concept#
Scenario Sara Jones opened a technical consulting business called Hi-Tech For the Future earlier in the year. So far, she has been successful in providing services and selling
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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
what are the implications of applying accounting concepts wrongly
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