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What is zero tax?
tax liability
Closing the temporary accounts at the end if each accounting period?
give the revenue and expense accounts zero balance
When establishing general ledger accounts opening balances will always be zero?
No
What Accounts should always have a zero balance after all closing entries are completed?
Assets, liabilities and owner's equity
If you close open accounts will your credit score go up?
NO! THE OPPOSITE HAPPENS, YOUR CREDIT SCORE WILL LOWER. KEEP YOU ACCOUNTS OPEN EVEN IF YOU HAVE A ZERO BALANCE. NEVER, CLOSE AN ACCOUNT IF YOU CAN AVIOD THIS.
What is Zero Tax Liability?
tax liability
What is zero tax?
tax liability
How long can check cashing store hold on to your payroll check?
zero days
What is a sundry account?
A sundry account is a corporate account typically used for recording miscellaneous items for which an appropriate account has not yet been established. Sundry accounts are usually temporary or in-process accounts, meaning they must be cleared to a zero balance (total debits must equal total credits) at the end of each accounting period.
Revenue accounts should begin each accounting period with zero balances?
should revenue accounts begin each accounting period with zero balance
Closing the temporary accounts at the end if each accounting period?
give the revenue and expense accounts zero balance
When establishing general ledger accounts opening balances will always be zero?
No
What things do you need before making a balance sheet?
Assets: current assets (incl. cash, accounts receivable, inventory) and non-current assets (intangable, tangable and investment types) which equal total asset. Liabilities: current liabilities (incl. provisions, debt, accounts payable, accruels) and non-current liabilities (incl. long-term debt, payables and provisions) which make up the total liability. If the company is limited liability then owners equity, which includes capital and retained earnings. Total asset less total liability and owners equity should equal zero. That is: TA - (TL + Equity) = 0. Where TA is total asset and TL is total liability. ~MB
When twenty is subtracted from zero what is the result?
0 - 20 equals -20. Like a debt that can only be cleared by adding 20
Are prospective employers allowed to ask previous employers if you were terminated?
All employers can ask that with zero liability.
What are accrued expenses reported on the balance sheet as?
As you accrue expenses, they show up as a CREDIT on the balance sheet, and a DEBIT on the income statement. Then as you actually incur the expense and pay out, you would CREDIT your cash account, and DEBIT the accrued liability account on the balance sheet. For example, if you expect to spend $12,000/year on business travelling expenses, you would accrue $1000 monthly as a CREDIT to your accrued liability account (on the balance sheet), then a DEBIT to the expense account (on the income statement). When you actually do incur the expense and pay out, you CREDIT your cash account, and DEBIT the accrued liability account. Thus, the accrued liability account is cleared out and eventually washed out to zero.
Are revenue and expense accounts temporary?
The balances in all temporary accounts are transferred to the capital or the retained earnings account, leaving the temporary accounts with zero balances. This procedure is necessary to determine a periodic net income (or loss) and prepare books for the next period.
