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Balance Sheet- Noon Current Asset- intangable Asset
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∙ 14y ago
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What is the important of financial account?
it helps one to know his financial statement
Is the Bank Reconciliation statement a part of financial statement?
Bank reconciliation statement is not part of financial statement it is the helping statement to tally bank account with balance in banks statement.
What is the difference between final account and financial statement?
Financial Statement: Financial statement is a instrument used to present a companies financial position. Financial statement complies with balance sheet, cash flow and funds flow statements. Final accounts is the final stage of preparation of financial statement
Three key financial statements that corporations are required to prepare?
Statement of financial position ( Balance sheet) , Statement of Comprehensive Income ( Profit and Loss Account or Income and Expenditure account), Cash flow statement.
Where the drawing posted in final account?
Drawings are deducted from Equity Account (Capital) in financial statement
What constitute an financial statement?
balance sheet profit&loss account cash flow statement fund flow statement
How does the drawing account affect financial statement?
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.
On which financial statement will income summary be shown a statemenet of owners equity b balance sheet c income statement d no financial statement?
D. No financial statement. Income summary is only used at the end of the period and is the account with no balance.
Is goodwill a financial asset?
According to the FASB, goodwill is defined as an asset.
Give examples for goodwill in double entry?
DR goodwill account CR capital account
Difference between trading account and manufacturin account?
Manufacturing account, on the other hand, is a financial statement which shows production costs
How do you prevent financial statement fraud?
The Statement of Account helps to prevent fraud because it tells you how much money has gone out of the bank.
