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3 Upon closing the books at year-end a government should a. Debit fund balance and credit reserve for encumbrances c. Debit fund balance and credit encumbrances.?
HORNER30
Debit fund balance and credit encumrances because the reserve for encumbrances need not be closed because it is a balance sheet account.
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∙ 12y ago
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Where on a balance sheet is Reserve for Encumbrances?
Assets
What is the Accounting Journal Entry for Excess Inventory Reserve?
you take it in the closing stock .. it means that you have already added with in closing stock .. therefore you are closing stock reduce ... so excess stock entry will be made directly for the purpose of balance sheet. you are give this effect on it stock sheet only..
What is official reserve account?
The official reserve account, a subdivision of the capital account, is the foreign currency and securities held by the government, usually by its central bank, and is used to balance the payments from year to year.
What is revenue reserve and its example?
The revenue reserve is the retained earnings which are shown in the company's balance sheet as part of the shareholders' funds and are set aside to use to continue to pay dividends even if the company makes a loss. The example of the revenue reserve are the credit balance of the Profit and Loss Account, General Reserve and etc...
What is contra account?
A contra-account is a sub-account or a related account that normally has the opposite balance, thereby reducing the balance of the main account. For example, Reserve for Bad Debts is a contra-account to Accounts Receivable. A/R normally has a debit balance while the reserve normally has a credit balance.
Where on a balance sheet is Reserve for Encumbrances?
Assets
What is the Accounting Journal Entry for Excess Inventory Reserve?
you take it in the closing stock .. it means that you have already added with in closing stock .. therefore you are closing stock reduce ... so excess stock entry will be made directly for the purpose of balance sheet. you are give this effect on it stock sheet only..
What is official reserve account?
The official reserve account, a subdivision of the capital account, is the foreign currency and securities held by the government, usually by its central bank, and is used to balance the payments from year to year.
Where does revaluation reserve go on the balance sheet?
Revaluation reserve is part of equity of business as shown under equity section in liability section of balance sheet.
How can government deficit affect international reserve?
There is no way government deficit can affect international reserve
Indias Balance of payment is prepared by?
India's balance of payments is prepared by the Reserve Bank of India.
Who governs a reserve bank?
The Government of India controls/governs the Reserve Bank. More specifically the Finance Ministry of the Indian Government controls/governs the Reserve Bank. However, the Reserve Bank is autonomous in its operations and the Government usually doesnt intervene in the Reserve Banks day to day operations. Only for Major policy decisions do the Government & RBI collaborate.
What is revenue reserve and its example?
The revenue reserve is the retained earnings which are shown in the company's balance sheet as part of the shareholders' funds and are set aside to use to continue to pay dividends even if the company makes a loss. The example of the revenue reserve are the credit balance of the Profit and Loss Account, General Reserve and etc...
What is contra account?
A contra-account is a sub-account or a related account that normally has the opposite balance, thereby reducing the balance of the main account. For example, Reserve for Bad Debts is a contra-account to Accounts Receivable. A/R normally has a debit balance while the reserve normally has a credit balance.
Amount of money the Fed needs to have as a balance in possession?
reserve requirements
Is the Reserve Bank of Australia part of their government?
No, it is a non-government organisation.
The government banks with the?
federal reserve bank
