
Balance Sheet: Meaning, Formula, Format, Types
Balance sheet consists of assets, liabilities and owner’s equity for a accounting period. 2 types of balance sheet are (1) Unclassified, (2) Classified Balance Sheet.
Balance sheet consists of assets, liabilities and owner’s equity for a accounting period. 2 types of balance sheet are (1) Unclassified, (2) Classified Balance Sheet.
2 types of adjusting entries are (1) Advances, (2) Accruals. Advances adjusting entries are (1) advance payment of expenses and (b) unearned income. Accruals adjusting entries are (a) accrued income and (b) outstanding expenses.
Merchandise inventories are finished goods acquired for sale by retail or wholesale traders. Finished goods possessed for sale by manufactures are usually called finished goods inventory.
Accounting has a relationship with other disciplines management, economics, mathematics, computer science, statistics, law, political science, and engineering.
Trial balance errors are errors in the accounting process that cannot be detected by the trial balance sheet. 2 types of limitations of trial balance …
Main difference between bookkeeping and accounting is; bookkeeping is the primary stage of the whole accounting process and accounting is the second or final stage of the whole accounting process.
6 constraints of accounting are; cost-benefit, materiality, consistency, conservatism, timeliness, and industry practice principle.
Based on the data received from the history of evolution and the features of gradual development, history of Accounting can chronologically be classified into 4 …
Bank reconciliation Statement shows differences between the balance shown in the bank statement and balance shown in the depositor’s accounting record. Bank reconciliation statement is …
Accounting is called the Language of Business because accounting presents and communicates various information in the form of statements and reports to the interested parties like owners, employees, management, investors, buyers, sellers and more.