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Is the work sheet is not considered a part of the formal accounting records?
Wiki User
∙ 11y ago
True
Wiki User
∙ 11y ago
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What is the difference between accounting balance sheet and economic balance sheet?
Straight from my text, the difference is that an accounting balance sheet omits significant assets and liabilities and the accounting balance sheet does not report all assets and liabilities at their market value (the accounting balance sheet records a book value; ie the dollar value paid for an item). With respect to which assets and liabilities that are omitted, I am not sure.
What is a lead sheet in accounting?
In accounting, a lead sheet is a form that contains a summary or index of information. These types of sheets can be found on many accounting programs.
What relationship is there between the accounting equation and the balance sheet?
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
Why both sides of Balance Sheet be equal?
Accounting is based on the formula of Assets = Liabilities + Owner's Equity. the DR side of a balance sheet are the Assets while the CR side records Liabilities & Owner's Equity. Hence for the formula to be effective, both side of the balance sheet must be equal (balance).
What is the focal point of the accounting cycle?
focal point of accounting cycle
What is the difference between accounting balance sheet and economic balance sheet?
Straight from my text, the difference is that an accounting balance sheet omits significant assets and liabilities and the accounting balance sheet does not report all assets and liabilities at their market value (the accounting balance sheet records a book value; ie the dollar value paid for an item). With respect to which assets and liabilities that are omitted, I am not sure.
What is a lead sheet in accounting?
In accounting, a lead sheet is a form that contains a summary or index of information. These types of sheets can be found on many accounting programs.
What relationship is there between the accounting equation and the balance sheet?
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
What is the relationship between cost accounting and managerial accounting?
Financial accounting relates to the information presented based on past events and records. Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet... Financial accounting relates to the information presented based on past events and records. Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet... Financial accounting reports are in standard formats which are worldwide accepted , where as Cost accounting reports are in the format as required by the management
Where would prepaid accounts goes in a accounting sheet?
in assets side of the balance sheet
Why both sides of Balance Sheet be equal?
Accounting is based on the formula of Assets = Liabilities + Owner's Equity. the DR side of a balance sheet are the Assets while the CR side records Liabilities & Owner's Equity. Hence for the formula to be effective, both side of the balance sheet must be equal (balance).
Value to be gained from a Balance Sheet?
In accounting there is much value to be gained from using a balance sheet. a balance sheet provides an added account to expenditures and profits which are accumulated by a company. It also allowed for easier accounting practices within the business.
What is the focal point of the accounting cycle?
focal point of accounting cycle
What consists of records and files?
data sheet
What financial statement is directly based on the accounting equation?
Balance sheet
What is the key product of accounting?
financial statements spreadsheets work sheet
Balance sheet is?
A balance sheet is a ledger that records the checks and balances of all transactions.
