Tips to keep in mind while making financial statements, Accounting Basics

Assignment Help:

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.


Related Discussions:- Tips to keep in mind while making financial statements

STUDENT, DO YOU SHOW ANY SOLUTIONS TO THE QUESTIONS

DO YOU SHOW ANY SOLUTIONS TO THE QUESTIONS

Review, 1. State the equity equation. 2. Which account represents the begi...

1. State the equity equation. 2. Which account represents the beginning equity figure? 3. In which accounts are changes to equity recorded? 4. How do drawings affect the calculati

Audit Reports, Why it is important for independent auditor to be a member o...

Why it is important for independent auditor to be a member of a professional body?

Income Statement, Give the statement classification of each income statemen...

Give the statement classification of each income statement account

What is inventory, Q. What is Inventory? Inventory -- Supply or stock o...

Q. What is Inventory? Inventory -- Supply or stock of products and goods that a company has for sale. Amanufacturer may have 3 kinds of inventory: raw materials waiting to be c

Explain sales return, Q. Explain sales return? A sales return is mercha...

Q. Explain sales return? A sales return is merchandise return by a buyer. Buyers and Sellers regard a sales return as a cancellation of a sale. Otherwise some customers keep un

Bank for international settlements (bis), Bank for International Settlement...

Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv

Aasignment coverage, Define accounting.Briefly explain the accounting conce...

Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage

Traiinng progrum, How to perform a basic accounting training progrum ..

How to perform a basic accounting training progrum ..

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd