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Adjustments for accrued income always involve a credit to an income account?
True
What are the final statements of the business?
final statements are trading account,profit and loss account,balance sheet.
Can any adjustments be made after a post closing trial balance?
You can create a suspence account for adjustment of transactions.
The book of final entry is called?
account
How are bad debts treated in the final accounts?
Companies who extend credit to individuals or other companies set aside an account that is called allowance for doubtful accounts. This account can be based on the amount of sales or the amount of accounts receivables. In determining the amount of the account managers review the previous history to make adjustments. If someone does not pay, after so much time it is written off into this accounts. Sometimes the bad account is sold to another collection agency in attempt to collect.
Year end adjustments to an asset account would I also adjust the expense account?
Type your answer here... no
Adjustments for accrued income always involve a credit to an income account?
True
What is liquidators final account?
The liquidator's final account shows the succession's net assets or deficit.
What is the final step in creating a budget?
The final step to making a budget is to make adjustments so that your expenses are less than your income.
What is JetBlue's policy on price adjustments for their flights?
JetBlue does not offer price adjustments for their flights. Once a ticket is purchased, the price is final and cannot be changed or refunded.
What is the explanation for the liquidator's final statement of accounts?
The liquidator's final statement of account is the account of winding up.
What are the final statements of the business?
final statements are trading account,profit and loss account,balance sheet.
Prior period adjustments are reported as an adjustment to which account?
Prior period adjustments are reported as an adjustment to the retained earnings account in the statement of retained earnings. This is done to correct errors in the financial statements that occurred in previous periods.
Can any adjustments be made after a post closing trial balance?
You can create a suspence account for adjustment of transactions.
How do exam curves work and how do they affect final grades?
Exam curves are adjustments made to test scores to account for the difficulty of the exam. They can raise everyone's scores or adjust individual scores based on the performance of the class. Curves can positively impact final grades by boosting scores, but they can also negatively affect grades if the curve lowers scores.
Is the executor of an estate always required to file an accounting of the distribution of the assets of an estate?
Yes. The final account must be filed and allowed by the court in order to close the estate. An executor who refuses to file a final account should be reported to the court. The judge can compel the executor to file the final account so the court, and the heirs, can review the disposition of the estate by comparing it to the inventory and the distribution to heirs.Yes. The final account must be filed and allowed by the court in order to close the estate. An executor who refuses to file a final account should be reported to the court. The judge can compel the executor to file the final account so the court, and the heirs, can review the disposition of the estate by comparing it to the inventory and the distribution to heirs.Yes. The final account must be filed and allowed by the court in order to close the estate. An executor who refuses to file a final account should be reported to the court. The judge can compel the executor to file the final account so the court, and the heirs, can review the disposition of the estate by comparing it to the inventory and the distribution to heirs.Yes. The final account must be filed and allowed by the court in order to close the estate. An executor who refuses to file a final account should be reported to the court. The judge can compel the executor to file the final account so the court, and the heirs, can review the disposition of the estate by comparing it to the inventory and the distribution to heirs.
The book of final entry is called?
account
