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Financial information from comparable prior periods adjusted for any changes expected to affect the balances of the current period.

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14y ago

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What is the difference between a balance ledger and cash available for withdrawal?

The best answer I have found for this is that the ledger balance shows how much money of yours is actually within your account, even if some of it is about to be sent for payments of checks and charges and the like. The available balance is the rest, the money in your account not about to be used to pay any charges and is immediately available for withdrawal. Source: http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/Internet+Banking/FAQ/Virtual+Bank+Accounts.htm#2


Why do accounts payable provide a source of cash?

Account payable are a source of cash because when you increase your account payables, you are given credit on the assets you bought, which represent cash.


What is a mirror account in banking?

Mirror accounting is used in European countries that require changes in inventory to be immediately reflected in the income statement. With mirror tables, you can combine the creation of balance sheet inventory entries with the creation of related entries to income statement accounts by associating a pair of source accounts with a pair of mirror accounts. Mirror accounting only applies to inventory (IC) transactions. Whenever an inventory transaction creates a general ledger (GL) entry for a specified combination of source accounts, the system automatically creates GL entries to the related mirror accounts: Debit Source Account 1 Credit Source Account 2 Credit Mirror Account 1 Debit Mirror Account 2 For example, when there is a work order issue, the system reflects the change on the balance sheet as well as on the income statement, creating two transactions: Debit WIP (Source Account 1) Credit Inventory (Source Account 2) Credit COP (Mirror Account 1) Debit Material Usage (Mirror Account 2) Source Account 1 maps to Mirror Account 1. Source Account 2 maps to Mirror Account 2. If you are entering a standard journal entry manually in Standard Transaction Maintenance and are using mirror accounting, enter the debit or credit to Source Account 1, then the reversing action to Mirror Account 1. Do the same for Source Account 2 and Mirror Account 2. Sub-account and cost center codes can also be mirrored and reflected on the income sheet statement. Set All Sub-Accounts and All Cost Centers to Yes to streamline the creation of source and mirror account relationships. The values entered in the source sub-account and cost center fields are re-used in the mirror sub-account and cost center fields. When All Sub-Accounts is Yes, leave the source and mirror sub-account blank. Similarly when All Cost Centers is Yes, leave the source and mirror cost centers blank. The blank source field is treated as a wildcard. Mirror sub-accounts and cost center fields use the codes from the GL transaction. When All Sub-Accounts or All Cost Centers is No, the system only creates mirror transactions when an exact match is found on the source account, sub-account, and cost center values in the mirror accounting table. If Verify GL Accounts is Yes in Domain/Account Control, each account component you enter must be valid on its own and in combination with other account number components. Sub-account codes and cost center codes must be valid for all ranges of accounts and sub-accounts used in mirror accounting. Set up ranges in Sub-Account Code Maintenance and Cost Center Code Maintenance. MIRROR ACCOUNTING SETUP EXAMPLES For example, you set up a mirror table with the following values: Entity: 1 Source 1: 1000 blank blank Source 2: 1500 blank 30 All Sub-Accounts: Yes All Cost Centers: No Mirror 1: 2000 blank blank Mirror 2: 2500 blank blank Based on value of All Sub-Accounts and All Cost Centers, all sub-account fields must be blank. The blank sub-accounts in Source 1 and 2 are treated as a wildcard (any value matches). If the following inventory transaction occurs: Dr 1000 5000 Cr 1500 4000 30 The system creates the following mirror account transaction: Dr 2500 4000 Cr 2000 5000 For the following inventory transaction, no mirror transaction is created: Dr 1000 5000 10 Cr 1500 4000 20 Although the system found a record in the mirror table that matched the account (exactly) and sub-account (using the wildcard), an exact match for the cost center was not found.


This is an original document or firsthand account?

Primary Source


What is the importance of the trial balance in the preparation of a financial statement?

The trial balance is the source document for the preparation of any financial statements. A trial balance is a list of all the account codes with the current balances and the first step to prroduction of the financial statements is checking to see if it balances. If it doesn't then you're in serious trouble as there is a major flaw in your financial records. When constructing the profit and loss account in the financial statements you simply group together the income and expense accounts from the trial balance into convenient groupings and the resulting total is the profit or loss of the business. The balance sheet is contructed by simply taking all the balance sheet accounts from the financial statements, again grouping together into convenient groupings. The profit or loss calculated in the profit and loss earlier is the retained profit for the period that is entered at the bottom of the balance sheet to ensure it balances

Related Questions

Can you transfer a balance to a debit card?

No, you cannot transfer a balance to a debit card. Debit cards are linked to your checking account and do not have a balance that can be transferred from another source.


What is the source of nourishment for developing fish embryos is?

what is the source of nourishment for developing fish embryos?


Is bank statement an asset or owner's equity?

A bank statement is neither an asset or owner's equity account. It is a source document for the determination of the correct cash in bank balance account of an entity, and after the final determination thereof, the cash in bank balance will be an asset account. The bank statement is secured from the bank where the entiity maintains an account and said statement is being reconciled with the book balances of the company for the said final determination of correct cash in bank balance prior to month end, quarterly closing and annual closing of a company.


Source of food for developing mammal?

NIGG3RS, or placenta


Is a firsthand account a primary source?

Yes, a first-hand account is a primary source.Whether or not it's a quality source is another matter, but it is a primary source.


What are the sources of trial balance?

Journal and Ledger are the main source of Trial Balance


What is the primary source of history?

A primary source is an eyewitness account to an event.


Define balance of payment surplus?

statement that summarizes an economy's transactions with the rest of the world for a specified time period. The balance of payments, also known as balance of international payments, encompasses all transactions between a country's residents and its nonresidents involving goods, services and income; financial claims on and liabilities to the rest of the world; and transfers such as gifts. The balance of payments classifies these transactions in two accounts - the current account and the capital account. The current account includes transactions in goods, services, investment income and current transfers, while the capital account mainly includes transactions in financial instruments. An economy's balance of payments transactions and international investment position (IIP) together constitute its set of international accounts. (source- investopedia)


What in the amniote egg the is the primary food source for the developing embryo?

yolk


What is a commentary on an original document or firsthand account?

Secondary Source.


What is the difference between a balance ledger and cash available for withdrawal?

The best answer I have found for this is that the ledger balance shows how much money of yours is actually within your account, even if some of it is about to be sent for payments of checks and charges and the like. The available balance is the rest, the money in your account not about to be used to pay any charges and is immediately available for withdrawal. Source: http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/Internet+Banking/FAQ/Virtual+Bank+Accounts.htm#2


Is a eyewitness account a primary source?

yea