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Matching" in accounting means to make an entry in the journal
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Matching in accounting means to make an entry in the journal is true or false?
Cash-basis accounting ignores all of the following except: A) payables. B) depreciation. C) receivables. D) expenses.
What is paid in full as a journal entry for accounting?
"Paid in full" means that the debt has been met. It's settled.
What is an accrual journal entry?
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
What is closing entry of asset?
closing entry of an asset means the adjustment entry we do on the last day of accounting year.
What is the Accounting Journal Entry for Excess Inventory Reserve?
you take it in the closing stock .. it means that you have already added with in closing stock .. therefore you are closing stock reduce ... so excess stock entry will be made directly for the purpose of balance sheet. you are give this effect on it stock sheet only..
Why journal is called book of original entry?
The word journal has been derived from the French word "Jour" Jour means day. So, journal means daily. Transactions are recorded daily in journal and hence it has named so. As soon as a transaction takes place its debit and credit aspects are analyse and first of all recorded chronologically (in the order of their occurrence) in a book together with its short description. This book is known as journal. Thus we see that the most important function of journal is to show the relationship between the two accounts connected with a transaction. This facilitates writing of ledger. Since transactions are first of all recorded in journal, so it is called book of original entry or prime entry or primary entry or preliminary entry, or first entry. Farhad Rana (SMUCT)
Journal entries should be posted in what order in accounting?
Journal entries should be posted in chronological order means as it happens if any transaction happend first it should be recorded first.
Revenue matching in the income statement means?
This is the basic principle of accrual accounting that revenues of one fiscal year should be matched with expenses of the same fiscal year and that is called matching concepts and income statements shows the same as well.
What does the double-entry bookkeeping system mean?
It means that for every transcation, two entries are made into the accounting books and thus, everything should be in balance. It means that for every transcation, two entries are made into the accounting books and thus, everything should be in balance.
What you mean by account?
Account means a single entry in double entry system such as i purchase some thing for business i recorded for example Land debit and money credit these debit and credit are called accounts in accounting
What is the difference between accounting and banking?
accounting just means that for every penny spent there has to be an offsetting entry eg: I have $50.00 to start with, I came home with $8.50 this means that I have spent $41.50 I now have to "account" for the money I spent, so I will show you my receipts;;; $30.00 for groceries and $11.50 at the drugstore. this is "accounting" Banking just means to go to a Bank and either deposit money into your account or withdrawing it.
What is the latin word root that means equal?
The adjective aequus/aequa/aequum means "equal", stem aequ-.No matching link found.No matching link found.No matching link found.No matching link found.No matching link found.No matching link found.No matching link found.
