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What the purpose of customs is?
Maintains tradition, which in turn maintains discipline.
What is fiscal politics?
Fiscal politics is anything going on in the government that has to do with monetary policy like budgets and things.
Which action would be a change in the government's fiscal policy?
Which action would be a change in the government's fiscal policy
What does fiscal federalism mean?
Fiscal Federalism is the disposition of tax powers and financial responsibilities among the various level of government in the federation.
What is fiscal insolvency?
It means running out of money.
Who maintains central fiscal accounts?
the Comptroller :)
What account would not be closed to income summary at the end of the fiscal year?
At the end of the fiscal year, permanent accounts, also known as real accounts, are not closed to the Income Summary. These accounts include assets, liabilities, and equity accounts, such as cash, accounts receivable, accounts payable, and retained earnings. Instead, they carry their balances forward into the next accounting period. In contrast, temporary accounts like revenues and expenses are closed to the Income Summary to prepare for the new fiscal year.
Revenue and expense accounts are considered temporary accounts because they?
they are temporary accounts because they are closed out at the end of each fiscal period.
The ending account balance of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period?
th ending account balances of permanent accounts for one fisical period?
What does fiscal year mean?
Fiscal years means the minimum accounting period for which books of accounts are maintained and business activity is performed.
What kind of accounts does Norges Bank offer?
Norges bank is the central bank of Norway and takes the usual position of a central bank by overseeing fiscal policy and stability. It also controls the worlds largest sovereign wealth fund by looking after the Norwegian pension fund
What statement does Accounts payable show?
Balance sheet of the company shows the total amount of accounts payable for a fiscal year of business.
What do the balances of temporary accounts show?
changes in the owners capital for a single fiscal period
What accounts are closed to income summary at the end of the fiscal year?
All Sales and Expense accounts are closed and the balancing figure is shown on the Balance Sheet.
Can accounts receivable normally have a debit balance?
Accounts receivable in an asset account and normally maintains a debit balance. So the answer is Yes.
Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?
Income Summary
What is the difference between Fiscal or Natural business year?
A fiscal year is used to maintain records of accounts from march 1st to feb 28,majority of businesss use fusal year as there r many enteries left like for eg,accounts payable, receivable to be entered in book of accounts after dec 31st so its convenient to use fiscal year to maintain proper records of accounts where as normal calender year is from 1st jan to 31st dec in which a year transaction or entries cannot be transferred into another.
