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Which item appears in both the balance sheet and the profit and loss account?
Closing Stock
Which item does not include in trial balance?
Type your answer here... CLOSING STOCK DOES NOT INCLUDES IN TRAIL BALANCE
Is there a difference between a merchandiser's balance sheet and a service company's balance sheet?
Yes in merchandiser balance sheet there is stock of items available in balance sheet while in services balance sheet there is no inventory item available.
Is discount received balance sheet item or not?
It's only treated in income statement, not balance sheet.
Is bond a on balance sheet or off balance sheet item?
A bond is a liability that is recorded on the balance sheet as part of long term liabilities.
Where does stationary go on a balance sheet in business studies?
Stationery, as an accounting item, does not appear on a business Balance Sheet. The Balance Sheet is reserved for assets and liabilities. The Income Statement reflects income and expenses and because Stationery is an expense item it will appear on the Income Statement and not the Balance Sheet.
Is bank charges a balance sheet item?
yes
What is a credit balance item on a balance sheet?
Liability payables or provissions made.
Are fees earned showed on a balance sheet?
No Fees Earned is Income Statement item it dont show on Balance sheet
What accounts are balance sheet accounts?
A balance sheet account is any item that is found on the financial statement known as the balance sheet. The figures reflected on the balance sheet, consist of the ending balance of the balance sheet account. After all the transactions are posted in the individual balance sheet account's "T" account (involving debits and credits), the ending balance is the amount found on the balance sheet.
Is purchases a balance sheet item?
No, purchases are not typically shown as a balance sheet item. Purchases represent the cost of goods or services acquired by a business, and they are typically reported on the income statement as an expense. The balance sheet primarily includes assets, liabilities, and shareholders' equity.
Does commission have a balance sheet or income statement account?
If commission is already received or paid then it is income statement item, but if it is still receivable or payable then it is balance sheet item, simple commission is a income statement item
