Want this question answered?
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.
Classified balance sheet shows items in classification like current assets, non-current assets etc.
Classification of accounts is classifying the accounts and post your balance and yeah! Then eat your shorts to know it
two underlying assumptions you make when preparing the Income Statement and Balance Sheet
yes
it is a celibrated instrument
BALANCE
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.
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
Classified balance sheet shows items in classification like current assets, non-current assets etc.
Assest side of balance sheet
Classification of accounts is classifying the accounts and post your balance and yeah! Then eat your shorts to know it
two underlying assumptions you make when preparing the Income Statement and Balance Sheet
yes
Inventory is par to current asset at asset side in classified balance sheet as inventory is used within one fiscal year.
Classified balance sheet is that one in which different sections like current assets, fixed assets, other assets, liabilities and capital is shown.
# Collecting and analyzing data from transactions and events. # Putting transactions into the general journal. # Posting entries to the general ledger. # Preparing an unadjusted trial balance. # Adjusting entries appropriately. # Preparing an adjusted trial balance. # Organizing the accounts into the financial statements. # Closing the books. # Preparing a post-closing trial balance to check the accounts.