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Prepaid Rent, Prepaid Insurance, and Prepaid Interest... maybe? Check it out on Investopedia.com
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What are the Nature of Balance Sheet?
The nature of a balance sheet is to list every financial business and resource obligation that a business has. They detail many aspects like liabilities, equity, and assets.
Why prepaid expense is an asset?
Prepaid expenses are an asset because you (as the company) is owed something. When you are owed something by another then you list it as an asset until it's paid. Investopedia also explains it similar to this: While prepaid expenses are initially recorded as assets, their value is expensed over time as the benefit is received onto the income statement, because unlike conventional expenses, the business will receive something of value in the near future.
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
List 6 types of expenses that would have a Control Sheet?
Yeast infection, climitia, syphilis, ghonarea, aids, and finally the most important of all herpes
What is trial balace?
A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit value balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance...cj pulgar
Why prepaid expense is an asset?
Prepaid expenses are an asset because you (as the company) is owed something. When you are owed something by another then you list it as an asset until it's paid. Investopedia also explains it similar to this: While prepaid expenses are initially recorded as assets, their value is expensed over time as the benefit is received onto the income statement, because unlike conventional expenses, the business will receive something of value in the near future.
What are the Nature of Balance Sheet?
The nature of a balance sheet is to list every financial business and resource obligation that a business has. They detail many aspects like liabilities, equity, and assets.
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
A ledger that is summarized in a single general ledger account?
There is no "ledger" that summarizes your ledger.The General Ledger used by companies is a list of all accounts the company has, assets, liabilities, owners equity. A summary of these accounts is created using your "trial balance", "adjusted trial balance" and finally, the "post-closing trial balance".Not only does the trial balance summarize all the accounts in the general ledger, it also insures that the accounts "balance". Once adjustments are made (i.e. payments made, payments received, income earned, prepaid expenses used, etc.) then an adjusted trial balance is created. Now the next step is, if you want to find the amount of Retained Earning for the period (what the company made after all expenses are paid) closing entries are entered into the ledger and a post closing trial balance is created along with the income statement, statement of retained earnings, statement of owners equity and many times the balance sheet.
What is listed on a trial balance?
Answer:The trial balance shows a list of all T-accounts with a balance. These include all permanent T-accounts (will make up the balance sheet) and all temporary T-accounts (expenses, revenues and dividends/withdrawals). Each T-account has either a debit balance or a credit balance. The sum of all debit and credit balances must be equal; in case it isn't equal, some journal entry has not been updated correctly on the T-accounts.
List 6 types of expenses that would have a Control Sheet?
Yeast infection, climitia, syphilis, ghonarea, aids, and finally the most important of all herpes
What would be used to create a personal balance sheet?
Start with a list of what you own: bank accounts, vehicles, home, etc. give a realistic value to each. List what you owe: card balances, car loan balance, mortgage balance, etc. Subtract the liabilities from the assets and that is your personal equity.
How does net income effect the balance sheet?
Take your gross income (revenues) over the period in question, usually one year, and then subtract all the expenses you had in order to earn that income. This will bring you down to a net income...on the income statement. There is no net income on the balance sheet per se. You net income from the income statement hits the balance sheet when you close out the books for the year. Then it moves over to the retained earnings segment in the balance sheet.
Why not use the trial balance to report financial information internally and externally?
The trial balance is a list of all T-accounts with a balance. That means that permanent T-accounts (assets, liability and equity T-accounts) and temporary T-accounts (dividends, expenses and revenues) are included. Reporting the trial balance would mean that the readers (internally and externally) would have to separate the permanent and temporary T-accounts themselves in order to make the balance sheet (info on financial statement) and income statement (info on performance).
A balance sheet is a list of the assets liabilities and owners equity of a business for a period of time True or False?
false, it is a summary of the three things
How can you get bsnl prepaid mobile call list?
You can get bsnl prepaid mobile call lists only if you are an officially registered member of the bsnl phone list. You can access the call list from your account.
Can you give the list of items coming in off balance sheet?
-Under-funded pension -operating lease -factoring accounts receivable -risk of lawsuits
