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Explain why noncollectable accounts have both income statement and balance sheet implication for accounts?
If you can't collect a receivable, you have to write it off. Doing so means you credit the receivable on the balance sheet and debit the income statement with bad debt expense. This entry essentially reverses the initial entry which recognized the revenue and put the receivable on the balance sheet in the first place.
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How do you explain accounting Cycle?
It is a process to record business transactions in ledger accounts and then generating useful financial information for example income statement, balance sheet.
Why do you prepare a Bank Reconciliation Statement?
When the balances of our Cash Book and Pass Book do not agree, we prepare a Bank Reconciliation Statement. A Bank Reconciliation Statement is prepared periodically to reconcile the two balances and explain the reasons for the difference between them. It shows the items and the errors causing the difference as on a particular date. It is just a statement and not a part of the books of Accounts.
What are the key areas in accounts receivables?
Identify and explain the key areas of accounts receivable management.
What will your central statement explain to the audiance?
Explain what you want your audience to learn and Help your audience to follow the main points.
How do you explain Real Accounts?
Asset, Liability, and Capital Accounts that appear on the balance sheet. The balances of "real" accounts are not canceled out at the end of an accounting period but are carried over to the next period. Also called permanent accounts.
What is the need to study post purchase behaviour of consumers. Explain its implication for the marketers of consumer durables?
This is a statement and clearly for school.
How do you explain accounting Cycle?
It is a process to record business transactions in ledger accounts and then generating useful financial information for example income statement, balance sheet.
Why do you prepare a Bank Reconciliation Statement?
When the balances of our Cash Book and Pass Book do not agree, we prepare a Bank Reconciliation Statement. A Bank Reconciliation Statement is prepared periodically to reconcile the two balances and explain the reasons for the difference between them. It shows the items and the errors causing the difference as on a particular date. It is just a statement and not a part of the books of Accounts.
What types of statement can be used to explain the steps of a proof?
The corollaries types of statement is what is used to explain the steps of a proof.
What types of the statement can be used to explain the steps of a proof?
The corollaries types of statement is what is used to explain the steps of a proof.
Explain with suitable example how switch statement is differ from if statement?
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How do you explain accounts receivable in a journal entry?
Debit accounts receivableCredit sales revenue
Explain numerical statements of facts that are not statistics?
all statistics are numerical statement but all numerical statement s of are not statistics explain
What are the key areas in accounts receivables?
Identify and explain the key areas of accounts receivable management.
What is used to explain something with a simple statement?
a generalization
Explain to me how to get back in my accounts once I have been hacked and don't know the code the person use to my accounts. How can I get my accounts and change the codes?
Contact your provider for support on this.
What accounts do not appear on the balance sheet worksheet?
The most common ones are Revenue (income) and Expenses. These accounts are closed out (because they are temporary) and affect the Net Income which in turn affects Retained Earnings, which is listed on the Balance Sheet. To try and explain "why" is because temporary accounts are used to figure either Net Profit or Net loss. They are closed out leaving them with a balance of $0. At the end of the period in which we choose (usually monthly for income) we We close out our expense accounts in order to figure our monthly Net Profit or Loss. Revenue and Expenses affect only our Income Statement and our Statement of Retained Earnings.
