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What else can I help you with?
True or false after each transaction the basic accounting equation should remian in balance?
true
How would you enter something from the statement that decreases the bank balance?
To enter a transaction that decreases the bank balance, you would record it as a debit in the accounting ledger. This reflects an outflow of cash, such as expenses, withdrawals, or payments. Additionally, you would ensure that the corresponding credit entry is made to the appropriate account, such as an expense account or accounts payable, to maintain the accounting equation's balance.
Filled Customer Orders Collected transaction are recorded into the accounting system using what balance identifier?
The answer is R
What are the accounting documents?
Accounting documents are documents that track the movement of cost and money in an organization. Budgets, balance sheets and the income statement are all accounting documents.
Which accounting statement refers to a specific date or moment and not a period of time?
Balance Sheet.
What are the 7 steps in journalizing?
The 7 steps in journalizing are: identify the transactions, analyze the transactions, decide the accounts impacted, record the transaction in the journal, post the transaction to the ledger, prepare a trial balance, and prepare financial statements.
What are the phases in accounting cycle?
Collecting daa, transaction analysis, journalizing transaction, posting to ledger account, preparing a trial balance
True or false after each transaction the basic accounting equation should remian in balance?
true
What are different accounting report?
The balance sheet, income statement, statement of retained earnings, and a cash flow report are different types of accounting reports.
What financial statement is directly based on the accounting equation?
Balance sheet
How would you enter something from the statement that decreases the bank balance?
To enter a transaction that decreases the bank balance, you would record it as a debit in the accounting ledger. This reflects an outflow of cash, such as expenses, withdrawals, or payments. Additionally, you would ensure that the corresponding credit entry is made to the appropriate account, such as an expense account or accounts payable, to maintain the accounting equation's balance.
What are 3 financial statement in accounting?
1 - Income Statement 2 - balance sheet 3 - Cash Flow Statement
Filled Customer Orders Collected transaction are recorded into the accounting system using what balance identifier?
The answer is R
Which financial statement that reports accounting data at a specific date is the?
Balance Sheet
What is the last step before preparing financial statement in accounting?
trail balance
What is the financial statement that reports accounting data at a specific date?
balance sheet
What reports does the accounting department provide?
There are several reports used in accounting and that the accounting department will provide, these may include, but or not limited to, Income Statement Statement of Retained Earnings Balance Sheet Trial Balance Statement of Owners Equity (Stockholder Equity of company is Inc.) Statement of Cash Flows Bank Reconciliation Statement As I stated, these are a few. It can also depend on what function the certain accounting department is or is not in charge of that will determine exactly what statements they are required to provide.
