Financial Statements

No. A Balance Sheet consists of Assets = Liabilities + Owner's Equity. Owner's Equity is increased by profits and contributed capital and is decreased by losses and capital withdrawals.

Example of a very simplified Balance Sheet -

Assets 150,000

Liabilities 50,000

Owner's Equity 100,000

Total 150,000

Many variables are involved when determining the proper journal entries to record a sale. For example, consignment sales are recorded uniquely based on the terms of the consignment agreement between parties. Whether or not the sale is for a service or a good also presents differences in the way journal entries are recorded for a sale. If the sale is for a good, whether the company uses a perpetual or periodic system to account for inventory must also be taken into consideration when recording journal entries for a sale. Another variable that must be taken into consideration when recording a sale is whether or not the sale is on credit with terms that allow the purchaser the opportunity to purchase the good or service at discount if paid in timely fashion (trade receivable), and in addition, whether the company uses the net method or gross method when recording journal entries.

Assuming the sales transaction is not made on consignment, is not a trade receivable, and no inventory is involved, the following are the journal entries to record the sale.

If the sale was a cash transaction:

DR cash

CR a revenue account

If the sale was a credit transaction:

DR an accounts receivable

CR a revenue account

Cash book just shows the cash receipt and cash payment without distinguishing for which purpose cash is paying out while in cash flow statement difference is shown to determine that cash is coming or going out from which activity.

Operating revenue is only revenue from basic business operating activities while net revenue is included both operating as well as revenue from non operating activities.

A balance sheet, also called a "statement of financial position", reveals a company's assets, liabilities and owners' equity (net worth). The balance sheet, together with the income statement and cash flow statement are used to identify/gauge a company's financial status or position. If you are a shareholder of a company, it is important that you understand how the balance sheet is structured, how to analyze it and how to read it.

I don't really know that is a good question to ask a teacher or someone.

An organization's long haul obligation to-add up to resource proportion estimates its influence and goes about as a measurement for deciding its dissolvability. The proportion is determined by separating all out long haul obligation (for example obligation with over a year to development) by complete resources.

A drawn out obligation proportion of 0.5 or less is viewed as a decent definition to show the wellbeing and security of a business.

The journal entry would be:

Bank A/c Dr

To Cash A/c

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Some of the key features of Tally include:

Bookkeeping: Tally allows businesses to maintain their books of accounts by recording transactions such as sales, purchases, receipts, and payments.

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Financial Statements: Tally can generate financial statements such as Profit and Loss Statement, Balance Sheet, and Cash Flow Statement.

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Tally is an essential tool for businesses that want to keep track of their financial transactions and stay compliant with various tax laws. It offers a range of features that can help businesses automate their accounting processes, reduce errors, and improve efficiency.

Depreciation means decline in the value of fixed assets due to use, passage of time or obsolescence.

According to R.N. CARTER, " Depreciation is gradual or permanent decrease in the value of asset from any cause".

what is financial resources

Balance Sheet: Balance sheet is the financial picture of an organization on a given day. while financial statement is a broader term and it can be for a very long time. financial statment is a formal record of business financial activities. it can be a day. month a year or so on. while balance sheet is just a part of a financial statement. in short balance sheet is also a finanaical statement. but finanacial statement can not be balance sheet..

Commission in a trial balance can be debit or even credit . It depends on a situation . If commission is given in the debit side of a trial balance then it is debit and if it is given in credit side then it is credit .

But if no info is given it is taken as debit .

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Financial services will pay invoices and receive money. There will be accountants as well as legal representation in big companies in the financial services department.

It refers to the funds or payments that a business or individual has received but has not yet deposited into a bank account. This typically occurs when a business collects cash, checks, or other forms of payment from customers or clients but has not yet completed the process of depositing these funds into their bank account.

shareholders

Unethical and illegal.

Liabilities are debts owed to an outside party (creditor) such as a bank loan, a truck note, etc.

Expenses are the cost of operating the business and affect the net income. Expenses include things such as utilities, supplies, insurance, rent, etc.

While liabilities are listed on the balance sheet, expenses are not.

Also, Liabilities decrease Owners Equity (Stockholders Equity) while Expense decrease Net Income.

Net income includes income from operations, discontinued operation sales, extraordinary items, changes in accounting principal, and earnings per share.

Income from operations is the income associated with their regular income streams, not including the above items.

High net income could be due to the sale of discontinued operations, or the sale of a large asset (such as a building), or any number of other things. High Income from operations, however, indicates the company's normal stream of income is high, which is good.

1.cash-take sale

2.cash-send or cash-deliver sale

3.charge-take sale

4.charge-send or charge-deliver

5.lay-away or will-call sale

6.part-cash part-charge sale

7.C.O.D. sale

8.installment sale

9.Internet sites.

Reconciling fixed Assets

Opening balance of fixed assets (last year closing)

Plus all FA additions during the financial year

Add(subtract) any gain (loss) on revaluation

subtract Depreciation for the Financial year

subtract disposals

An asset.

it all depends what store you get it from

1 error of omission

2 error of compensation

3 error of original entry

4 error of principle

5 error of commission

Net realizable value. The amount a firm can collect in cash by selling an item, less the costs (such as commissions and delivery costs) of disposition.