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What else can I help you with?
What is the statement prepared directly from the general ledger with no changes to the account balances?
Trial Balance
How is the balance of an account determined?
The balance of payments is composed of the current account and the capital account, plus the monetary account (changes in reserve assets) which is really a settlement account of the above two.
What are the main types of financial statements that is to be prepared by an entity?
The financial statements vary according to the type and scale of entity, however following statements can be found in any entity:Statement of Financial Position - Balance SheetStatement of Financial Performance - Profit & Loss - Income StatementDepreciation ScheduleStatement of Changes to EquityCash Flow StatementNotes to the Financial StatementDirectors ReportDirectors DeclarationHope this helps!
Which account balance will change between the adjusted trial balance and the post closing trial balance?
The adjusted trial balance includes depreciation and other adjustments. This is the account balance that changes between the adjusted trial balance and the post closing trial balance.
Why do you not get a monthly statement?
You may not receive a monthly statement for several reasons, such as opting for electronic statements instead of paper ones. Some accounts may not generate monthly statements if there are no transactions or changes during that period. Additionally, certain financial institutions may have policies that limit statement frequency based on account type or balance. It's best to check with your bank or service provider for specific details regarding your account.
How Would effect your account balance?
The effect on your account balance depends on the specific action taken, such as a deposit, withdrawal, or transaction. A deposit would increase your balance, while a withdrawal or expense would decrease it. Additionally, fees or interest earned could also impact the overall amount. Monitoring these changes is essential for maintaining a healthy account balance.
What is floating account?
A floating account typically refers to an account where the balance fluctuates or varies due to ongoing transactions or changes in market conditions. It is not a fixed or stable balance, but one that is subject to change over time. This term is commonly used in finance and banking.
What does init br stand for in bank statement?
In a bank statement, "init br" typically stands for "initial balance." This indicates the starting balance of the account at the beginning of the statement period. It provides a reference point for tracking transactions and changes in the account's balance over time.
How do you calculate fund flow statements?
Funds flow is just traditional NI + D + I / debt ...it doesn't take into account any changes in cashflow caused by A/R, INV, AP changes...
How are financial statements (the income statement statement of retained earnings balance sheet and statement of cash flows) are interrelated. Provide at least two examples.?
Financial statements are interrelated as they collectively provide a comprehensive view of a company's financial health. For instance, net income from the income statement flows into the statement of retained earnings, affecting the total retained earnings reported on the balance sheet. Additionally, changes in cash reported in the statement of cash flows are reflected in the cash account on the balance sheet, demonstrating how operational activities influence overall liquidity.
What is the main source of fluctuations in the current account balance?
The main source of fluctuations in the current account balance is the variability in trade in goods and services, which is influenced by factors such as changes in domestic and foreign demand, exchange rates, and economic conditions. Additionally, income transfers, including remittances and investment income, can also affect the balance. Fluctuations in net income from abroad and shifts in consumer and business confidence further contribute to changes in the current account. Overall, these factors interact dynamically, impacting the overall balance at any given time.
What are the principal accounting reports involved in financial reporting process?
Balance sheet Income statement Statement of changes in equity Statement of cash flows Notes to the financial statements
