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Financial Statements
A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.
5,583 Questions
How do you record a journal entry for a sale of a building?
Debit cash / bank xxxx
credit building account xxxx
Is a suspense account an income or expense account?
Suspense account is created as a temporary account for balancing the trial balance.
Errors in accounting are depicted through trial balance when it comes unbalanced.
For temporary rectification the unknown balance amount is treated as suspense amt and it can either be debit(Expense) or credit(Income).
The unknown balance amount will be set-off during identification of the error via reversal entries.
What is the difference between gross and nett profit?
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Is shree premium is asset or liability?
Share premium is a liability to the company. It is used to write off preliminary expenses and is used to issue bonus shares etc.
What is the relationship between balance sheet and trial balance?
A balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company. Trial balance lists the debit, credit accounts for a given ledger for a month. Trial balance is created in two columns one with all the debit balances and the other with all the credit balances. If the total of the debit column does not equal the total of the credit column then there is an error in the ledger accounts. The assets, expenses will be recorded under the debit balances. Liabilities, equity and revenue will be recorded under the credit balances.
What is the purpose of transition statements in a presentation?
A transition statement acts as a minisummary or minipreview within the body of the presentation. It announces the end of one point and introduces the next. Transitions help listeners stay with the speaker, making the message easier to follow and remember
What is the journal entry of Advance received from debtors?
Debtors are those customers who purchase goods from company on credit so no advance can be issued by debtors. on the other hand advance can be received from customers and accounting entry is as follows:
[Debit] Cash / bank
[Credit] Unearned revenue
Is share money deposit a part of equity?
A share money deposit is a part of equity. These are considered equity shares, and are long-term profit-invested deposits geared toward to stockholders of a company.
When is an expense to small to be an asset?
There's not really a benchmark for that as each company will be different. However, a company should class an item as an asset if they believe it could be used for a few years rather than monetary value basis.
in terms of capital budgeting:
It includes the net cash generated from the sale of the assets, tax effects from the termination of the asset and the release of net working capital
Why using Accounting Standards?
Accounting standards help to standarise the financial reporting of companies in all areas to make it easier to make comparisons. With the international accounting standards it allowes this to become international, once exchange rated have been applied.
If the company are using cost basis to value their assets then the rebate will reduce the cost.
Do you include depreciation expense on the income statement?
Yes you do, there is no specific area that it must go under allowing companies to charge depreciation based on what categories the assets cone under (cost of sales, admin expenses, distribution expenses). Although if it's not clear, normally admin expenses would be considered the norm.
The Reserve Fund was the first money market mutual fund
Is capital an asset or a liability?
No,Capital is owner's equity i,e owner's contribution to business.
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What role does accuracy play in financial statements such as the balance sheet and income statement?
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