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What are the different accounting reports?
-statement of financial position, -statement of profit and loss and other comprehensive income, statement of cash flows, -statement of change in equity, -Notes to the account
What is the difference between debit account and credit account?
There are two main differences that stand out between a Debit Account and a Credit Account, those are;A Debit Account always maintains a Debit Balance, meaning the account increases with a Debit to that account and decreases with a Credit to that account. These are generally Asset Accounts.A Credit Account is just the opposite, A Credit Account maintains a Credit Balance, meaning that the account increases with a Credit and decreases with a Debit, these accounts are usually used for Liabilities and Owners Equity (Stockholders Equity).
What is the purpose of trial balance?
The purpose of a trial balance is to show balances of each of the accounts that hold balances in the respective company. The trial balance is split into two sections, the income statement (statement of comprehensive income) and the balance sheet (statement of financial performance) The balance sheet holds the accounts that the balances get carried forward each year and the income statement holds only the transactions for the current year. So there are many uses for a trial balance. You are able to perform analytical procedures on your revenue for the year or see what the balance of your liabilities are. The main purpose is to review the balances for the year for each account that holds a balance
What are the 2 parts of stockholders' equity divided into?
The two main categories of Stockholder's Equity are Capital Stock and Retained Earnings. Capital stock is the initial amount of money invested into the firm by its owners. The way the capital stock is structured depends on whether the firm is incorporated or not, and if it is, whether the corporation is publicly or privately held. Retained earnings is the cumulative income a company earns and decides to invest back into the firm (as opposed to paying it out as dividends to the owners). In any given year, Retained Earnings is equal to the last year's retained earnings plus current year net income, minus any dividends paid out to the owners.
What is the first and main purpose of taxation?
revenue for government programs and operations
What are the different accounting reports?
-statement of financial position, -statement of profit and loss and other comprehensive income, statement of cash flows, -statement of change in equity, -Notes to the account
What are three main fiancail statement?
1 - Incomes statement 2 - Balance sheet 3 - Statement of owner's equity 4 - Cash flow statement
Is the main purpose of Government regulation of Commercial Banks to protect its stockholders or its depositors Why?
provide protection of the people
What is the main purpose of the thesis statement?
The main purpose of the thesis statement is to present the main idea or argument of the paper and guide the reader on what to expect in the rest of the content. It serves as a roadmap for the paper, outlining the central point that will be discussed and supported throughout the writing.
What is in the main purpose of the hook in an opening statement?
get the attention of the jury~
What is purpose of a thesis statement?
to give the main idea of the essay
What is the main purpose of the hook in an opening statement?
get the attention of the jury~
Which is the main purpose of the hook in an opening statement?
get the attention of the jury
What is the difference between a study and an audit?
The main goal of accounting is to provide a company with clear, comprehensive, and reliable information about its economic activities and status of its assets and liabilities. This information is presented in the form of accounting reports like the balance sheet, income statement, statement of changes in equity (also called shareholders' equity statement), and statement of cash flows (also called cash flow statement). By means of accounting reports it is possible to perform the following (list non-inclusive):
What is organisational mission?
an organization's mission is a generalized statement of its main purpose, often encompassing the key values which underlie those purpose and the way in which it seeks to achieve them.
What is income expenditure?
A statement that records the income and expenditure of an organization such as a charity,whose main purpose is not the generation of profit.
Create a purpose statement based on the graphic organizer in Section II Finding the Main Point.?
I don’t knoe
