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Q. What is Chart of accounts explain?
The chart of accounts is a absolute listing of the titles and numbers of all the accounts in the ledger. The chart of accounts is able to be compared to a table of contents. The groups of accounts typically appear in these order 1)assets, 2)liabilities, 3)stockholders' equity, 4)dividends, 5)revenues and 6)expenses. Individual accounts are in series in the ledger. Every account typically has an identification number and a title to help locate accounts when recording data. For instance a company might number asset accounts 100-199, liability accounts 200-299, stockholders' equity accounts and Dividends account 300-399, revenue accounts 400-499, and expense accounts 500-599.
We utilize this numbering system in this text. The uniform chart of accounts can be used in the first 11 section appears in a separate file at the end of the text. You must print that file and keep it handy for working certain problems and exercises. Companies may perhaps use other numbering systems. For example sometimes a company numbers its accounts in sequence starting with 1, 2 etc. The imperative idea is that companies use some numbering system. Now that you know how to record debits and credits in an account and how all accounts together form a ledger you are ready to study the accounting process in operation.
Q. Sales Returns and Allowances account? The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned
A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250. Results illustrate actual hours of 10 980 and overhead of $276 652.
Fixed asset are assets which provides the business future benefit Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from whi
Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
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Problem It is usually recognized that power is an essential component of accountability and that greater accountability is recognized towards those stakeholders who have more p
The Olympic Company has an accounts receivable balance at December 31, 2010 of $159,548.00. The existing balance in the Allowance for Uncollectible Accounts was a credit of $2,563
Hi Team, I want to get an accounting assignment to be done according to NZ university standards. It''s from basic accounting (introduction to accounting). Need to be done by 10th
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
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