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Sources of Funds: comprises of Liability and Equity
Application of Funds: comprises of Current and non Current Assets
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What are the 2 types of the Balance sheets?
there are two types of balance sheet 1. account form. 2. report form.
What types of questions are answered by the income statement and balance sheet?
The income and balance sheet shows the amount of debt a company has. To investors, this is a way to determine if they are capable of meeting their obligations.
Is a balance sheet the same as a financial statement?
Balance sheet is a type of financial statement. Other types of financial statements could be income statement and statement of cash flow.
What is statement of cash flows and what types of question does it answers?
it explains SOURCES of funds and where in the balance sheet the funds were USED
What are the 2 type of quickbooks account?
The 2 types of QuickBooks accounts are "Balance Sheet" accounts and "Income and Expense" accounts. Balance sheet accounts can be used to create and add to chart of accounts. Income and expense accounts track income sources and the purpose of each expense.
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.
Which types of inventories does a manufacturing business report on its balance sheet?
1. Materials Inventory 2. Work in Process Inventory 3. Finished Goods Inventory
Who types of leaser groups in tally 9?
How May Groups In Tally9
Why a balance sheet must be balance?
The question is evidently being asked by a non-native English speaker. I am guessing that they want to know: "Why must a balance sheet be in balance?" The short answer is that a balance sheet that is out of balance indicates that there is an error somewhere in the recording of entries, addition and subtraction, or simply missing entries, or deliberate distortions. The whole point of a double entry bookkeeping system, is to record entries in two locations that always total the same amount. If your left hand side doesn't match your right hand side, (debit and credit), then you are "out of balance" and the hunt for your error or errors begins. It is a poor safety net, as it only catches a few types of errors, but it at least catches those.
What is the difference between balance sheet and financial statement if there is any........?
Balance Sheet: Balance sheet is the financial picture of an organization on a given day. while financial statement is a broader term and it can be for a very long time. financial statment is a formal record of business financial activities. it can be a day. month a year or so on. while balance sheet is just a part of a financial statement. in short balance sheet is also a finanaical statement. but finanacial statement can not be balance sheet..
What are the Three types of balance in art?
(1) Symmetrical balance (2) Asymmetrical balance (3) Radial balance
WhAT IS THE Difference between double account system and double entry system?
The difference between double account system and double entry systems are noted below: 1. Double account system is necessary only for Govt. service rendering org. but double entry system is applicable for all types of org. 2. In double account system balance sheet is divided into two part ie; Capital Account, and general balance sheet but in double entry system only one balance sheet is prepared.
