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Post balance sheet items are those items which arise after closing date of balance sheet that's why called post balance sheet items.
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What is off balance sheet items?
Off balance sheet items means assets which is used by business but not shown in business like lease asset etc.
What is classified balance sheet?
Classified balance sheet shows items in classification like current assets, non-current assets etc.
Does mortgage payable post to the income statement or balance sheet?
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
How will a post dated cheque you issued for your rent be treated in the balance sheet?
as liabilities
What is the Purpose of Post-Closing Trial Balance?
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
Is there a difference between a merchandiser's balance sheet and a service company's balance sheet?
Yes in merchandiser balance sheet there is stock of items available in balance sheet while in services balance sheet there is no inventory item available.
What is off balance sheet items?
Off balance sheet items means assets which is used by business but not shown in business like lease asset etc.
Which are the post balance sheet errors?
ommision errors,and post wrong entry
What are the items calculated in balace sheet?
Following are items in balance sheet:1 - Assets2 - liabilities3 - Owner's equity or capital
Are loan commitments an off balance sheet items?
yes
What items on a company's balance sheet have no physical substance?
Intangible assets are items such as Copyrights, patents, goodwill, trademarks, etc. These would be classified as Intangible Assets on a company's balance sheet.
What is classified balance sheet?
Classified balance sheet shows items in classification like current assets, non-current assets etc.
How does the financial crisis impact the balance sheet?
Accounting Standards regarding off-balance sheet items are going to be tigtened in the forseeable future.
Does mortgage payable post to the income statement or balance sheet?
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
What are the reason where the balance sheet will not tally?
Balance sheet is the summary of Assets ,Liabalities , and profit or loss from Profit and loss account. following are the common reasons 1.As Purely based on nduble entry system For each ledger debits there should a equlent ledger credit on all transactions. 2. We can divide ledgers into Balance sheet items and Profil and loss account items. Balance sheet ledgers are ledger balances which directly reflects in Balance sheet Profit and Loss ledgers are ledgers which is reflecting only in Profit and loss account not in balance sheet. 3. Check the opening balance sheet, difference in opening balance sheet may the reason.
How will a post dated cheque you issued for your rent be treated in the balance sheet?
as liabilities
What is the Purpose of Post-Closing Trial Balance?
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
