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You are a first year accounting student having trouble correcting entries on a trial balance your book is no help and neither is your teacher?
Wiki User
∙ 14y ago
Copy from your class mates. Don't worry too much. In real life, accounting software balance everything. So I am not too bother with balancing them numbers in school.
Wiki User
∙ 14y ago
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Is retained earnings asset or liability?
Neither. Retained Earnings falls in the Equity section of the Balance Sheet.
Salary paid in advance is not an expense because it neither reduces assets nor increase liabilites?
True: Salary paid in advance relates to the coming accounting period. It has nothing to do with the current period. Hence it is not taken in the Profit and Loss Account as an expense. It is shown as a Current Asset in the Balance Sheet.
Is sales revenue a liability or asset?
Neither. Sales revenue is a P&L account, not a balance sheet account. When booking an entry to sales you would credit sales and either debit cash or accounts receivable.
Is preliminary expenses is a administrative expenses or selling expenses?
Preliminary expenses are neither administrative expenses nor selling expenses rather these are classified as other assets in balance sheet and amortized over period of life of business.
Is capital assets or liabilities?
It's neither. It's part of the equity on the balance sheet. Although it does have similar proprties to liabilities. P.S. - Please also see: What are the three main kinds of capital?
Is retained earnings asset or liability?
Neither. Retained Earnings falls in the Equity section of the Balance Sheet.
Which alliance would have the advantage in war?
France and britian
Suspense account is a profit or loss?
It's neither. The suspense account is a balance used to force the trial balance to agree. Once the errors have been located the respective amounts are debited or credited out of the suspense account until the balance is zero.
Salary paid in advance is not an expense because it neither reduces assets nor increase liabilites?
True: Salary paid in advance relates to the coming accounting period. It has nothing to do with the current period. Hence it is not taken in the Profit and Loss Account as an expense. It is shown as a Current Asset in the Balance Sheet.
Why liability on left and asset on right?
This is inaccurate, neither liability nor assets dictate right or left of anything. However, if you are speaking of the Balance Sheet (one of many examples), Assets are actually listed on the Left Column (as they maintain a Debit Balance) while liabilities will be listed in the Right Column (as they maintain a Credit Balance) To decide where the entry goes remember what Debit and Credit actually mean. Debit literally means Left Column or Left side, while Credit is just the opposite and means Right Column or Right Side. Because Assets maintain a Debit Balance, all entries that increase the asset will be listed in the "left" column, while all entries that will decrease the asset will be listed in the "right" column. For example, you purchase Supplies for $1,000 using CASH. Your entries will increase Supplies with a debit and decrease cash with a credit. Supplies (dr) $1,000 (left side) Cash (cr) $1,000 (right side) It is just the opposite for Liabilities, as they maintain a Credit balance. Take the same transaction above but instead of paying cash you purchase the $1,000 in supplies on Credit, this gives you a liability (something you owe) You will still increase your asset of supplies with a debit, but this time you will Credit your Account Payable.
When you become wise is your heart control by your heart or your head?
Neither. In terms of emotion and intelligence, wisdom is balance between the two.
Is accounting art or science?
accounting is both an art and science.........but more than science it is an art.because it fulfills the both aspect of an art(knowledge+ systematic work pattern).it fulfills only one aspect of science(knowledge for doing work in a system) but there is no logic or fact behind every accounting concept or rule ..........science based upon fasts and logic..
Are Sales Assets or Liabilities in terms of account Trial Balance?
Neither. Sales will be listed as an income statement account on the firm's trial balance. Once the accounts are closed at year end, sales will be closed into Retained Earnings.
What does the adjustment knob do on the triple beam balance?
It allows one to "zero out" the scale; with all weights set to zero, the adjuster allows you to balance the needle at the zero point, touching neither the top nor the bottom limiter.
Neutrons have a balance of positive and negative electrical charges?
No, neutrons does not have any sort of electrical charge. They have neither positive nor negative charges.
Is 0 really a number?
No. It is neither positive or negative. It was only made to be the balance between positive and negative and for 10 100 etc. Artixthepaladin
What essential question involved in The Missouri Compromise?
The balance between slave-states and free states, so that neither side would dominate Congress.
