Financial Statements

Yes. Profit and loss account is a nominal account and also trading a/c to be prepared at the end of the year.

One type of business expense is an owner withdrawal of equity.When a company receives money as payment for goods sold, it increases its accounts receivable.An employee using a company credit card creates an account payable.Building rent for the month of December that will be paid on December 15th is an example of an accrued liability.

Yes

Assets, liabilities and capital

Revenues, expenses and withdrawals

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Difference between real and nominal cash flow is that nominal cash flows uses the inflation information as well for calculation of nominal cash flow of future while real cash flow don't use that information for calculation.

Service revenue will appear on the income statement as a revenue account. It will indirectly effect the balance sheet in that it will be accompanied by an increase in either cash, accounts receivable, unbilled revenue (assets) or a decrease in unearned revenue (liability).

yes in the credit side of the balace sheet as By Assets Sales

Leasing, product sales and interest on bank accounts are all examples of cash inflow

All expenses comes in income statements same as sales promotion expenses are also shown in income statement.

Accounting theory is the collection of methodologies used in the study and application of the different financial principles. It is important for an accounting student to know it because it is the basis for all future accounting studies.

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Yes depreciation expenses causes a reduction in taxes because depreciation is considered as expense which reduces the net profit and due to reduction of net profit tax amount also reduces.

verify the balances of all ledger accounts

I think it means any transaction.

Asset. It is cash that you are owed. Accounts receivable is considered a short term asset.

Revenue less Cost of Sales (or Cost of Goods Sold).

Inventory is a balance sheet item. Costs added to inventory stay in inventory until the items are sold. There are many different ways to allocate these costs, at the discretion of the company. When items are sold, an allocation representing these items is moved from inventory to cost of sales (a.k.a. costs of goods sold) which becomes a cost for the period, match against an allocation of revenues for the period, which gives a figure for gross profit. Watch for trends in inventory from period to period, allowing for seasonality, and the gross margin (gross profit as a percent of revenues). The biggest thing to watch for is an unwarranted increase in inventory, which could indicate obsolescence, poor planning, or high returns. If inventories are too high, they are likely eventually to be written off.

Yes it can use any of the capital reserves for the purpose, like Share Premium Account, Capital Redemption Reserve & Revaluation Reserve...

Depreciation expenses

A sales discount account is a contra-revenue account.

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It is assets

debit cash 120000
debit goods 25000
credit capital 145000

No; goodwill can not be depreciated because goodwill is not considered to have a useful life.