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Gain from disposal of fixed asset will less from cost of sales when preparing final accounts?
Wiki User
∙ 9y ago
Yes it is income and income is deducted from expenses or expenses also shown alongwith income both have same effect on net profit or loss.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoYes it is income and income is deducted from expenses or expenses also shown alongwith income both have same effect on net profit or loss.
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Where does general reserve appears in final accounts?
Asset side
What is matching concept?
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
What are the duties of the final accounts department in an organisation?
The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.
What is the purpose of preparing extended trial balance?
The purpose of preparing extended trial balane is to make adjustments that had not been made when a normal trial balance was extracted. In other word to make adjustments that were omitted for the purpose of preparing an accurate final accounts and the balance sheeet Paul
What are the characteristics of final accounts?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
What is the Accounting entry for down payment to vendor?
Debit Deposits (an asset account) and credit Cash. You could also debit Accounts Payable for the deposit. Then post the final billing as a credit to Accounts Payable - the net difference is what would be due to the vendor.
What are characteristics of final account?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
What is responsible for the final disposal of the cell debris as inflammation subside?
macrophages
What is the proforma for final accounts?
Trial balance
What is a critical control point when preparing a beef curry?
Which of the following is a critical control point when preparing a beef curry?
What is the main purpose of producing a trial balance?
In the accounting process there will be various & those transactions will be journalised,posted in ledgers than according to the clasifications, after that balancing of ledger accounts will be made. After the end of the process before preparing Final accounts it is the duty of the accountant to satisfy him self about the correctness of the posting amounts and the balances. To know the arthimatical accuracy of the accounts the accountant will prepare Trial Balance which will help him to check the accuracy of the the accounts Biraj Joshi Nepal 0977-9849824360
What is preliminary expenses in final accounts?
It is deffered cost
