wages expense and wages payable
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
Accounting period is the minimum time period for which comany prepare it's books of accounts.
Accounts receivable
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
Determining their existence and ensuring that they are recorded in the appropriate accounting period
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
Accounting period is the minimum time period for which comany prepare it's books of accounts.
should revenue accounts begin each accounting period with zero balance
Accounts receivable
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
Determining their existence and ensuring that they are recorded in the appropriate accounting period
give the revenue and expense accounts zero balance
deferred expenses, deferred revenues, accrued expenses, accrued revenues and estimated expensesAdjustments to the enterprise's accounts can only be made in the time period when the business terminates.
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.
YES! Accrued taxes are usually due to payroll.Example: employees that get paid by period may have that period partially split at the end of the year. Lets say an employee paid biweekly with one week of the pay period falling in this year and the other in the next. At year end there will be an accrued tax liability for those FICA taxes due for the portion that has not yet been paid, but that has accrued as a liability. Remember this is a principle in accrual accounting!!!
closing entries