Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
Trial balance
The purpose of the chart of accounts is so that the correct account is used within the accounting system of a business. Certain businesses may have different names for cash, capital, and other accounts.
is it a liability
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
The purpose of preparing extended trial balane is to make adjustments that had not been made when a normal trial balance was extracted. In other word to make adjustments that were omitted for the purpose of preparing an accurate final accounts and the balance sheeet Paul
Trial balance
The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.
The purpose of the chart of accounts is so that the correct account is used within the accounting system of a business. Certain businesses may have different names for cash, capital, and other accounts.
It is deffered cost
is it a liability
is it a liability
The purpose of closing entries is to transfer the balances of temporary accounts to permanent accounts. These entries are used via the adjusted trial balances.
Purpose of schedule of accounts receiveable is to determine that who has not paid for long time and who needs more efforts to be put to recover amount receivable.