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Why is it necessary to make adjustments to some general ledger accounts at the end of the fiscal period?
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What does fiscal year mean?
Fiscal years means the minimum accounting period for which books of accounts are maintained and business activity is performed.
What statement does Accounts payable show?
Balance sheet of the company shows the total amount of accounts payable for a fiscal year of business.
What do the balances of temporary accounts show?
changes in the owners capital for a single fiscal period
What accounts are closed to income summary at the end of the fiscal year?
All Sales and Expense accounts are closed and the balancing figure is shown on the Balance Sheet.
Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?
Income Summary
What is the purpose of the adjustments column in the worksheet?
The purpose of the adjustments column in the worksheet is for the necessary adjustments for supplies and pre-paid insurance. It is also used the adjustment of merchandise inventory accounts to begin a new fiscal year.
Closing entries are necessary to a business so?
the accounts in the general ledger are updated and ready for the next fiscal period.
Does fiscal or monetary policy influence real GDP?
Both fiscal and monetary policy can affect real GDP, due to time-lag in wage and price adjustments. In general, however, fiscal policy has a much more direct effect on real GDP.
Who the maintains central fiscal accounts?
the Comptroller :)
Who maintains central fiscal accounts?
the Comptroller :)
How do you journalize adjusting entry license future year?
Journal Entries recorded to update general ledger accounts at the end of a fiscal period are called adjusting entries.
Revenue and expense accounts are considered temporary accounts because they?
they are temporary accounts because they are closed out at the end of each fiscal period.
What does fiscal year mean?
Fiscal years means the minimum accounting period for which books of accounts are maintained and business activity is performed.
The ending account balance of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period?
th ending account balances of permanent accounts for one fisical period?
What statement does Accounts payable show?
Balance sheet of the company shows the total amount of accounts payable for a fiscal year of business.
What do the balances of temporary accounts show?
changes in the owners capital for a single fiscal period
What accounts are closed to income summary at the end of the fiscal year?
All Sales and Expense accounts are closed and the balancing figure is shown on the Balance Sheet.
