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What is Complementary accounts?

Complementary accounts refer to accounting entries that provide additional information or balance to a primary account. They help clarify financial statements by offering further context, such as accumulated depreciation, which complements the asset it relates to. These accounts ensure a more accurate representation of financial health by addressing aspects that might not be fully captured in the main accounts.


Is an accrual an asset?

Accruals are accounts on a balance sheet that represent liabilities and non-cash-based assets. These accounts include Accounts Payable, accounts receivable, goodwill and future tax liability.


What are the characteristics of final accounts?

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.


What are characteristics of final account?

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.


What do compensating balances represent?

Accounts that are subject to bank service charges.


How are business bank accounts different from personal bank accounts?

Business bank accounts tend to allow more withdrawals and have different rates of interest from personal banking accounts.


What represent a collection of user accounts that require access to the same resources?

Groups


What are the accounts title in accounting?

There are different types of accounts in accounting. Some of these accounts are asset account, liability accounts, equity accounts, and operating expense accounts. There are many titles that coincide with these accounts.


Is accounts receivables considered an asset?

Yes. Accounts receivable, or receivables for short, represent a financial obligation to the organization and are represented on the asset side of the balance sheet.


Are the cash account and bank account in the general ledger the same or two separate accounts?

The cash account and bank account in the general ledger are not the same. They are usually two separate accounts that represent different transactions. If they were to be the same account there would be confusion for instance when banking or withdrawal of money is done.


What types of accounts do banks offer?

Banks offer a variety of accounts including: checking, savings, mutual funds, IRAs, CDs, etc. Different banks offer different interest rates and promotions for these different types of accounts.


Can you have 2 accounts on an ipod touch?

yes you can u just have to log in the different accounts.