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Which financial statements do not include fixed asset accounts?
Statement of Cash Flows, Income Statement, Statement of Retained EarningsThose are three that I can think of off the top of my head
How does rendering of services on account affect the accounting equation?
Rendering services on account increases accounts receivable, as well as equity (retained earnings) For example, a company has provided cleaning services for an amount of $200; the customer is allowed a three week credit assets = liabilities + equity accounts receivable (assets): increases with +200 retained earnings (equity): increases with + 200 +200 = +200
Name three different classes of accounts?
The three different classes of accounts are assets, liabilities, and equity. Assets represent resources owned by a business, such as cash, inventory, and property. Liabilities are obligations or debts owed to outside parties, like loans and accounts payable. Equity reflects the owner's residual interest in the assets after deducting liabilities, including common stock and retained earnings.
In terms of a taxpayer what is the importance of Schedule B?
For the average taxpayer, a Schedule B is used when earning more than $1,500 in interest or dividend income (from savings accounts or stocks, for example). Schedule B has three sections: interest, ordinary dividends and foreign trusts and accounts.
What are the three general restrictions on the authority to obligate appropriated funds?
The three general restrictions on the authority to obligate appropriated funds are: first, funds must be used only for the purpose specified by Congress in the appropriation; second, obligations cannot exceed the amount appropriated; and third, funds must be obligated within the time frame established by the appropriation act, ensuring that they are spent in a timely manner. These restrictions ensure accountability and compliance with legislative intent.
What are the three accounting issues associated with accounts receivables?
Associated accounting issues include recognizing accounts receivable, valuing accounts receivable, and disposing of accounts receivable.
What is retained earnings and general reserve?
Retained Earnings are the accumulated profits and losses of a company over time (less any dividends or distributions to stockholders). At the end of each fiscal year, the income and expense accounts are zeroed out and the net profit or loss for the year is posted to Retained Earnings. So if a company made $10,000 Net Income per year for it's first three years (and paid no dividends), at the end of year three, Retained Earnings would be $30,000.
How many subject in commerce?
There are three types of accounts are in 11: general accounts, cost account and advanced accounts.
What are the three major business activities in accounting?
accounts payable, accounts receivable and taxes.
Three most important reports generated by the accounts payable department?
Three most important reports generated by the accounts payable department?
How Many Accounts Can I Consolidate?
Consolidating your accounts enables you to definitely view these with just one login. You might consolidate as much as three accounts.
What are the different types of accounts in accounting and how do they differ from each other?
In accounting, there are three main types of accounts: assets, liabilities, and equity. Assets are resources owned by a company, such as cash, inventory, and equipment. Liabilities are debts or obligations owed by a company, like loans or accounts payable. Equity represents the company's ownership interest, including investments by owners and retained earnings. These accounts differ in terms of what they represent on a company's financial statements. Assets show what a company owns, liabilities show what it owes, and equity shows the net worth of the company.
