Asked in Business & Finance
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. ...
Asked in Definitions
Which sequence correctly summarizes the accounting process?
1. Journalize transactions, Post to the accounts, Prepare a trial Balance. 2. Post to the accounts, Journalize transactions, Prepare a trial Balance. 3. Prepare a trial Balance, Journalize transaction, Post to the accounts ...
Asked in Banking, Accounts Payable, Accounts Receivable
What is the procedure of finalisation of accounts?
Check all the ledger account post the Jv in the respective accounts come out with final balance of the ledger account then start putting figures in trial balance & then prepare trading, profit & loss account & balance sheet for the respective year. ...
Numerical of accounts related to final accounts?
First of all we journalise the entries and post into the ledgers and again prepare the trial balance after that trading and profit & loss a/c balance sheet. Again we will have to analyse the all aspects for decision makin The final accounts are: Manufacturing Account Trading Account Profit And Loss Account Profit and Loss Appropriation Account and Balance Sheet. The process of finalisation is something like this: Prepare a Trial Balance See whether it agrees or not If it does not...
What are the steps in the accounting cycle?
The 8 steps in an accounting cycle are Record transactions in journal. Post transactions to ledger accounts. Prepare adjusting entries at end of fiscal period and post to ledger accounts. Prepare summary of account balances. Prepare income statement from revenue and expense account balances. Close revenue and expense accounts to Retained Earnings. Prepare post-closing summary of account balances. Prepare balance sheet and statement of cash flows. ...
What data do you need to prepare an accounts receivable aging report?
Describe the data which will be used to prepare the account receivable aging report ...
Asked in Business Accounting and Bookkeeping
If depreciation was omitted what effects would this have on the final account?
If depreciation is omitted, what effects would this have on final accounts? ...
What is the explanation for the liquidator's final statement of accounts?
The liquidator's final statement of account is the account of winding up.
Asked in Business & Finance
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...
When do you create a method or a class final?
The keyword "final" means that the data will not be able to be edited at a later time. The code: final int accounts = 10; would make the integer "accounts" equal to ten and would return an error if you were to later do something like: accounts = 5; This is useful if you want to make sure that you don't accidentally change data. ...
Why are revenue and expense accounts are considered temporary accounts?
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. ...