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The liabilities division should contain what accounts?
what liabilities division should contain
What accounts the assts division should contain?
2 main typrs of assets : A- Current Assets B- nonCurrent Assets Current assets include Cash and any other items which can convert to cash within one year , Examples of Current assets are Cash , Acc. Rec. , Inventory , Prepaid Expenses NonCurrent Assets : items can't be easily Converted into Cash & will use for extended period of time B-NonCurrent Assets include 1-Fixed Assets " Tangible Assets " : Land, building , office furniture , vehicle ... 2- Intangible Assets : GoodWill , Patent , Trademark... 3- Long Term Investment : Bonds, Security & notes
What Accounts should always have a zero balance after all closing entries are completed?
Assets, liabilities and owner's equity
Fixed assets should initially be recorded on the balance sheet?
Fixed Assets are things of value that are expected to maintain their value to the entity for more than a year. All Assets are Balance Sheet accounts so yes, they should initially be recorded on the Balance sheet.
What is the purpose and scope of accounts receivable?
Account recievable is a account that records the amount should be received . Accounts receivable are the short-term financial assets of a wholesaler or retailer that arise from sales on credit
The liabilities division should contain what accounts?
what liabilities division should contain
What accounts the assts division should contain?
2 main typrs of assets : A- Current Assets B- nonCurrent Assets Current assets include Cash and any other items which can convert to cash within one year , Examples of Current assets are Cash , Acc. Rec. , Inventory , Prepaid Expenses NonCurrent Assets : items can't be easily Converted into Cash & will use for extended period of time B-NonCurrent Assets include 1-Fixed Assets " Tangible Assets " : Land, building , office furniture , vehicle ... 2- Intangible Assets : GoodWill , Patent , Trademark... 3- Long Term Investment : Bonds, Security & notes
What types of controls should a company implement with respect to managing it's cash assets?
A company should implement strict internal controls related to the management of its cash assets. This includes who is permitted to access cash assets, how cash can be spent, and how much cash should remain in accounts.
What Accounts should always have a zero balance after all closing entries are completed?
Assets, liabilities and owner's equity
Fixed assets should initially be recorded on the balance sheet?
Fixed Assets are things of value that are expected to maintain their value to the entity for more than a year. All Assets are Balance Sheet accounts so yes, they should initially be recorded on the Balance sheet.
Should accounts receivable be credited in the journal when it is decreased?
Yes because A/R is an asset and assets are credited in the journal/ledger when they decrease
What is the purpose and scope of accounts receivable?
Account recievable is a account that records the amount should be received . Accounts receivable are the short-term financial assets of a wholesaler or retailer that arise from sales on credit
What assets should be included in a will to ensure proper distribution of your estate?
Assets that should be included in a will for proper distribution of your estate typically include real estate, vehicles, financial accounts, investments, personal belongings, and any other valuable possessions. It is important to clearly outline all assets and specify how they should be distributed among beneficiaries to avoid confusion or disputes.
What steps should be taken to protect divorce assets acquired before marriage?
To protect divorce assets acquired before marriage, it is important to keep them separate from marital assets. This can be done by maintaining clear documentation of ownership, such as prenuptial agreements or keeping assets in individual accounts. It is also advisable to consult with a legal professional to ensure that these assets are properly protected in the event of a divorce.
What should A post-closing trial balance should only contain?
A post-closing trial balance will contain, assets, liabilities and owners equity accounts.Assets include, current and long term assetsliabilities include, accounts payable, notes payable or any other "liability" the company currently has.Owners Equity accounts include such things as Retained Earnings and CapitalYou generally have 3 versions of a Trial Balance, your Trial Balance, Adjusted Trial Balance, and Post-Closing Trial balance.The post-closing trial balance is what you use once your expense accounts & revenue have been closed to the income statement.
How do you fund and or transfer assets toan irrevocable trust?
Real property must be transferred by deed to the trustee of the trust. A deed to a trust should state the grantee as "Elvis Presley, trustee of the Graceland Realty Trust Under a Declaration of Trust Dated January 1, 1959". Accounts must be opened in the name of the trust (the bank will assist you) then your assets would be deposited in those accounts.
Should i pay creditors that have filed against my father's estate from his bank accounts because their is no property?
Bank accounts are considered to be personal property and personal property is an asset of the estate. Creditors that file a claim against the estate are entitled to be paid from the assets of the decedent before any assets can be distributed to the heirs. They must be paid from any funds in a bank account owned by the decedent.
