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off balance sheet items means:
Important things relevant to the growth, survival of a company
not able to disclosed in a balance sheet as balance sheet
always in figures only.
hence footnotes will be given called as notes on account.
example:
a balance sheet is prepared on 31st march.
auditor certify balance sheet on june 30th
but fire accident happened in the company
on june 15th and total assets of the company destroyed.
hence while certifying the balance sheet on june 30th,
while giving the figures of values of assets of the
company on 31st march, the AUDITOR SHOULD REPORT
the loss of the assets and the drastic position happened
to the company in the notes on account.
otherwise the balance sheet gives wrong picture.
like that off balance sheet items means: new opportunities
grabbed by the co. new deals. new projects etc.,
which can not be disclosed in balance sheet.
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Advantage and disadvantage of balance sheet?
- It only relates to the specific time, not a period of trading - Occasionally does not give accurate picture on real time basis since invalid data is used
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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..
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Why do the owners of a business need accounting?
To maintain the businesses profit and loss a/c and to draw a balance sheet to show the worth of the company at the end of each year.Accounting is also needed to help give the owners the amount of dividends after the net profit had been deducted from all the taxes etc.
Does pos on a check card give you a credit balance?
No. You can call up phone banking or use your card at an ATM to check the balance.
Give two examples of fixed assets in farmers balance sheet?
equipment land
Can you give the list of items coming in off balance sheet?
-Under-funded pension -operating lease -factoring accounts receivable -risk of lawsuits
Why contingent liabilities are not included in the balance sheet?
Contingent liabilities is there in the balance sheet but not really there as It can give misleading information about the condition of the company.
Why it is impossible for a balance sheet to be out of balance and to be incorrect?
the balance sheet must tally at the end. Other wise it is shown what ever the information give might be wrong or. Calculation is wrong.
Is fixtures an asset or liability?
Assuming they have been paid for . . . .it is an asset on the balance sheet. When calculating the value to give fixtures for the balance sheet, be sure to include an assessment of depreciation.
Can you give an example of a sentence using the word balance?
Josh tryed to balance the 2 items.
What the limitation of balance sheet?
-the first limitation is that a financial statement ignores the productivity and the skills of the employees in an organization. -balance sheet does not give timely and relevant information because it is based on historical costs and it does not give a fair idea about the current position of the company.
Can you give 3 pieces of equipment used in laboratory measuring?
A measuring cylinder, a balance and a burette.
What is the purpose of balance sheet?
The purpose of a firms balance sheet is to give you some insight into the financial health of the firm. By listing all their assets and liabilities this allows current/potential investors to see how the firm is doing, how they are in terms of meeting their debt obligations, the amount of leverage in the firm. As well the firms balance sheet is very useful to help calculate financial ratios, and to perform forecasts. The important thing to keep in mind is that while the firms balance sheet is part of their annual financial statements it must be considered in combination with many other documents such as the notes and the income statement to give you a complete picture of the firms situation.
Give examples of items measured in cubic meter?
Something that is 3D
Give three examples of revsersible physical changes?
1> Melting of ice 2> Making of cloud 3> Hammering a metal into sheet
What items should be included in a balance sheet?
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