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A drawing account and the only one I know of is usually listed as a Withdrawal account, which is an account used to record money an owner withdraws for personal (private) use.
A withdrawal account will affect the financial statement by decreasing assets and owners equity.
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∙ 13y ago
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What is the impact of missing journal entries from a companies financial statement?
It depends on the journal entry and what accounts it would have affected. If it was just a reclassification of say, from one expense account to another, no affect. On the other hand if it were to affect two different classes of accounts, say, an asset and an expense account you could mis-state the balance sheet or income statement or both.
What account does not affect the balance sheet or income statement?
One not associated with the business.
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
What affect Adjusting entries?
always affectsa balance sheet and an income statement account
What does adjusting entries affect?
always affectsa balance sheet and an income statement account
Does The cash basis of accounting commonly results in financial statements that are not comparable from period to period?
Cash is the main transaction in an accounting , it will affect from period to period in financial statement
How does Mr Blowhard's scheme affect the amount of income that the company would otherwise repot NT its financial statements and how doe the scheme affect the company's balance sheet?
how does mr blowhard's scheme affect the amount of income that the company would otherwise report nt it's financial statement and how does the scheme affect the company
How can inside trading with banks affect financial statements?
inside trading between banks can affect bank statements becuase if the money is from a difffrent bank you would have to go to the bank to get a statement from that bank instead of where you got the original statement. the only way of not having to do this is by getting a bank statement from the "owner" bank of the money.
How can you determine the annual sales of a company by looking at the financial statements?
Generally sales are listed on the Income Statement. The Income Statement is the financial statement that the company uses to find it's Net Profit or Loss. This includes all sales, minus cost of goods sold, allowances for returns, expenses and other accounts that affect the bottom line.
How does GAAP affect financial reporting?
How does GAAP affect financial reporting?
What financial statement has accounting estimates?
All of them. Any estimate or accrual of expenses will affect the Income Statment and the Balance Sheet and therefore the Cash Flow.
How does marriage affect financial aid?
marriage wont affect financial aid
