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main objective is to know true and fair view of state of afire of company
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∙ 12y ago
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Projected balance sheet assumption?
two underlying assumptions you make when preparing the Income Statement and Balance Sheet
What is the difference between preparing a trial balance and preparing a balance sheet?
AnswerTrial Balance is a statement showing the closing balances of all the ledger accounts and Balance Sheet is a statement showing the closing balances of Assets and Liabilities.
What is the Primary purpose of the balance sheet?
Primary purpose of balance sheet is to show the overall performance of business from inception to til date.
What is a vechile in balance sheet?
Vehicle is a fixed assets used in business for operations purpose so it is shown under fixed asset portion of balance sheet.
What is the purpose of inventory reserve estimates at balance sheet date?
How can be anticipate inventory
Projected balance sheet assumption?
two underlying assumptions you make when preparing the Income Statement and Balance Sheet
What is the difference between preparing a trial balance and preparing a balance sheet?
AnswerTrial Balance is a statement showing the closing balances of all the ledger accounts and Balance Sheet is a statement showing the closing balances of Assets and Liabilities.
What is the Primary purpose of the balance sheet?
Primary purpose of balance sheet is to show the overall performance of business from inception to til date.
What is purpose of balance sheet?
Main purpose of balance sheet is to show the overall performance of business from it;s inception to till date.
What is the purpose of preparing extended trial balance?
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
How to treat interest on capital while preparing balance sheet?
Interest on capital is added on the capital account in balance sheet as interest incurred from capital is based on business entity assumption.
What is the purpose of account receivable?
you can received the account in balance sheet.
What is a vechile in balance sheet?
Vehicle is a fixed assets used in business for operations purpose so it is shown under fixed asset portion of balance sheet.
What is the purpose of inventory reserve estimates at balance sheet date?
How can be anticipate inventory
What is the Purpose of the post-closing trial balance?
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
What is the Purpose of Post-Closing Trial Balance?
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
Purpose of the post- closing trial balance?
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
