0
An account is a mean of accumulating in one place all the information about changes in specific financial statement items, such as a particular asset or liability. for example the cash account provides a compan's current cash balance, a record of its cash reciepts, and a record of its cash disbursements. in its simplest form an account has only three elements.
1. a title
2. a left side which is called the debth side
3. a right side, which is called the credit side.
this form of an account illustrated below and on the following page, is called a T account because of its resemblance to the letter "T" in a computerized system, of course ,the elements of each account are stored and formatted electronically. more complete form of accounts will be illustrated later.
By khan
Cell # 0322-9013431
What else can I help you with?
What are the uses of control accounts?
they are used for self balancing
What is that Uses and limitations of the trial balance?
Uses -> Checks for errors -> Summarizes the balances on accounts to be transferred to final accounts (Income Statement and Balance Sheet) Limitations -> Does not reveal certain errors like omission, complete reversal... etc.
When a business uses a subsidiary accounts receivable ledger there is no need to keep an accounts receivable account in the general ledger true or false?
False. Even when a business uses a subsidiary accounts receivable ledger, it still needs to maintain an accounts receivable account in the general ledger. The subsidiary ledger details individual customer transactions, while the general ledger provides a summary of total accounts receivable for financial reporting and reconciliation purposes. Both are necessary for accurate financial management.
The two bases for estimating uncollectible accounts?
The two primary bases for estimating uncollectible accounts are the percentage of accounts receivable method and the aging of accounts receivable method. The percentage of accounts receivable method uses a historical percentage of uncollectible accounts applied to the total accounts receivable balance. In contrast, the aging of accounts receivable method categorizes receivables based on how long they have been outstanding, applying different estimated uncollectible rates based on the age of each category. Both methods help businesses assess potential losses from credit sales.
How many digit number in a Bank of America account number?
Bank of America uses a nine digit number for their bank accounts. Each person has their own account and has different numbers.
What are the uses of control accounts?
they are used for self balancing
What is that Uses and limitations of the trial balance?
Uses -> Checks for errors -> Summarizes the balances on accounts to be transferred to final accounts (Income Statement and Balance Sheet) Limitations -> Does not reveal certain errors like omission, complete reversal... etc.
Can somebody write you a haiku about savings accounts?
That which is value you prison to make interest but banker uses
Who uses national income accounts?
National income is the sum of factor income accrued to the economic teritory of a country.
What accounts do One Direction have?
they all have twitters, although niall uses his the most you can subscribe to Liam and Zayn on facebook Harry uses his instagram quite often they all have twitcams
How many digit number in a Bank of America account number?
Bank of America uses a nine digit number for their bank accounts. Each person has their own account and has different numbers.
How do the accounts differ in the kind of language they use?
The formal account uses professional language with proper grammar and structure, while the informal account uses casual language with abbreviations and emoticons. The technical account uses specialized language specific to a particular field or industry.
What is the two ways that an office secretary uses a computer for her work?
Diary-keeping, letter writing, company accounts, payroll, time-sheets...
How do businesses use databases?
A business uses a database to keep track of stock, suppliers, customers, and accounts, etc, in order to run the business efficiently.
What are the uses of journals in accounting?
The journal is most commonly used to record corrections to errors that have been made in writing up the general ledger accounts.
What human activity uses the most water worldwide?
Agriculture is the human activity that uses the most water worldwide. It accounts for the largest portion of water usage globally, with irrigation being the main contributor.
What is the routing number for pnc bank in Chicago?
071921891. PNC uses routing numbers for different states rather than cities or regional areas, so all of Illinois and Missouri uses this routing number for their PNC accounts.
