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Does Every accounting transaction affects both the balance sheet and the income statement?
Wiki User
∙ 12y ago
yes
Wiki User
∙ 12y ago
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True or false after each transaction the basic accounting equation should remian in balance?
true
Filled Customer Orders Collected transaction are recorded into the accounting system using what balance identifier?
The answer is R
Which accounting statement refers to a specific date or moment and not a period of time?
Balance Sheet.
What are the accounting documents?
Accounting documents are documents that track the movement of cost and money in an organization. Budgets, balance sheets and the income statement are all accounting documents.
What financial statement is a representation of the accounting equation?
The Balance Sheet shows that Assets = Liabilities + Equity
What are the phases in accounting cycle?
Collecting daa, transaction analysis, journalizing transaction, posting to ledger account, preparing a trial balance
What are the 7 steps in journalizing?
The 7 steps in journalizing are: identify the transactions, analyze the transactions, decide the accounts impacted, record the transaction in the journal, post the transaction to the ledger, prepare a trial balance, and prepare financial statements.
True or false after each transaction the basic accounting equation should remian in balance?
true
What financial statement is directly based on the accounting equation?
Balance sheet
What are different accounting report?
The balance sheet, income statement, statement of retained earnings, and a cash flow report are different types of accounting reports.
The accounting process is correctly sequenced as?
Inentify the transaction Analyze the transaction Journal Entries Post to Ledger Trial Balance Adjusting entries Adjusted Trial Balance Financial Statements Closing Entries After-Closing Trial Balance
What are 3 financial statement in accounting?
1 - Income Statement 2 - balance sheet 3 - Cash Flow Statement
Filled Customer Orders Collected transaction are recorded into the accounting system using what balance identifier?
The answer is R
What is the financial statement that reports accounting data at a specific date?
balance sheet
Which financial statement that reports accounting data at a specific date is the?
Balance Sheet
What is the last step before preparing financial statement in accounting?
trail balance
What reports does the accounting department provide?
There are several reports used in accounting and that the accounting department will provide, these may include, but or not limited to, Income Statement Statement of Retained Earnings Balance Sheet Trial Balance Statement of Owners Equity (Stockholder Equity of company is Inc.) Statement of Cash Flows Bank Reconciliation Statement As I stated, these are a few. It can also depend on what function the certain accounting department is or is not in charge of that will determine exactly what statements they are required to provide.
