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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.
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...
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
Of what statements does a federal financial report consist?
statements in the federal financial report include a (1) balance sheet, (2) statement of net cost, (3) statement of changes in net position, (4) statement of budgetary resources, (5) statement of financing
What are two financial statements?
Commonly, financial statements consist of the BALANCE SHEET, INCOME STATEMENT, STATEMENT OF STOCKHOLDERS EQUITY and the CASH FLOW STATEMENT. Different industries and businesses have different names for some of the statements and add to, or use combination of, the forms above. The not-for-profit industry, for example, generally calls the balance sheet the STATEMENT OF FINANCIAL POSITION and the income statement the STATEMENT OF ACTIVITIES. In business and analytical circles, the document containing the auditors report, the collection of applicable statements, and the accompanying notes are collectively referred to as the financial statements. -APMc
Why is a bank reconciliation statement prepared?
Bank Reconciliation is prepared to know differences between bank book and passbook, when we do the bank reconsilation will get mainly four differences 1. cheques deposited in bank account but not cleared 2. cheques issued to client's but not clear 3. cheques deposited in bank account but not updated in bank book 4. cheques debited in bank account but not updated in bank books.
Would Accounts payable go under statement of changes in owner's equity in a financial statement?
No. Accounts payable is a liability account, which is used in the balance sheet.
