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Which balance does a cash accounts always show?
In debit balance a cash account always shown.
What does adjusting entries affect?
always affectsa balance sheet and an income statement account
Is revenue a cash or debit?
Revenue is always credit as all revenue accounts has credit balance as normal balance and cash received or accounts receivable is debit against it.
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
What is the trial balance of a company?
The trial balance of a company is a list of all the accounts (income, expense and balance sheet) with their current balances. A trial balance should always total zero
Do adjusting entries always have an effect on the balance sheet?
yes
Which balance does a cash accounts always show?
In debit balance a cash account always shown.
What does adjusting entries affect?
always affectsa balance sheet and an income statement account
What affect Adjusting entries?
always affectsa balance sheet and an income statement account
Is revenue a cash or debit?
Revenue is always credit as all revenue accounts has credit balance as normal balance and cash received or accounts receivable is debit against it.
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
What is the trial balance of a company?
The trial balance of a company is a list of all the accounts (income, expense and balance sheet) with their current balances. A trial balance should always total zero
Why can't all the balance of payments accounts be in surplus?
The balance of payments accounts cannot be in surplus because there is always a balance in economics. For example, if you used cash assets to purchase equipment, the equipment account will increase but the cash assets account will decrease.
What Accounts should always have a zero balance after all closing entries are completed?
Assets, liabilities and owner's equity
Why does the balance of payments always balance even though the balance of trade does not?
he balance of payments defines an economy's account of receipts and payments.it includes all current accounts and capital accounts. a deficit in current account is managed by creating a surplus in capital account and vice-versa.however,balance of trade is just the balance of exports and imports,exports receipts can be greater than import payments,this creates surplus in the economy and deficit in the other case. balance of trade is a component of BOP.
Why balance of payment is always balanced?
balance of payments consists two accounts namely current account and capital account. The current account deals with import of visible and invisible items and unilateral transfers. a surplus in this accounts makes a country's BOP a surplus and a deficit in this accounts indicates that the country's BOP is deficit. The capital account indicates the capital movements of that country with other countries. it also shows the countries gold and other reserves. a surplus and a deficit in the current accounts increases and decreases the reserve and so the balance of payments is equalised always. so when we say that BOP is deficit we mean only the current account in the BOP. because BOP will always be equalised.
If the Balance of payment always always balances then why you have deficit in the balance of payment What measure can be government take to address an in-balance in the Balance of payment?
when they are talking about the deficit or surplus they are usually only talking about the current account. The balance of payments will balance because the other accounts in it (Capital, financial and erros and ommissions) will account for the other parts eg if current account has defiecit of 100m the capital, financial and erros and ommisions will have a surplus of 100m
