ACCOUNT BALANCES For many purposes‚ it is necessary to determine the balance in an account. This is accomplished by adding the debits‚ credits‚ and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely‚ an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as
Premium Bookkeeping Accounts receivable Balance sheet
Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills Receivable: similar to accounts receivable but bills receivable are a legal instrument. Interest is charged on the bill receivable and it usually gives more time to pay than accounts receivable. interest receivable‚ rent receivable Accounts Receivable Recognition of accounts receivable Recorded
Premium Accounts receivable
Employability Skills * Experience in the job - if they already have experience they have a better advantage as they don’t need training and they have the knowledge they need to complete the job. For example - if applying to be an administrative assistant experience is preferred as you Employability Skills * Experience in the job - if they already have experience they have a better advantage as they don’t need training and they have the knowledge they need to complete the job. For example -
Premium Skill Learning Knowledge
Tutorial 1 (1a) Which one of the following is an example of an internal stakeholder? A A shareholder B Investment analyst / consultant CA manager DA supplier (1b) The original role of the accounting function was which one of the following? AProviding management information BRecording financial information C Maintaining financial control D Managing funds efficiently (1c) The major purpose of the Malaysian Accounting Standards Board (MASB) is to ensure consistency in ___________
Premium Generally Accepted Accounting Principles Balance sheet Debt
Sample Question Paper Code-254 ELEMENTS OF BOOK KEEPING & ACCOUNTANCY Class-IX Summative Assessment-II March 2011 Examination Design of Question paper Time Allowed : 3 Hrs 01. Weightage to form of Questions Type of questions 1. 2. 3. 4. MCQs Short Answer Questions Long Answer Questions(i) Long Answer Questions(ii) Total No. of Questions 16 8 4 4 32 Marks for each Question 1 3 4 6 Total Marks 16 24 16 24 80 Maximum Marks : 80 Duration of the examination will be 3 - 3 ½ hours. Evaluation will
Premium Bookkeeping Book Christopher Nolan
EXAM SAMPLE EXAM 1. The accounting process does not include: a. b. c. 2. d. e. labor unions all of the above statement of owner’s equity income statement balance sheet d. e. both b and c all of the above This account does not appear on the income statement: a. b. c. 6. lenders prospective owners customers Expenses can be found in the: a. b. c. 5. balance sheet balance sheet and journals balance sheet and income statement income statement
Premium Balance sheet Generally Accepted Accounting Principles Accounts receivable
(Also known as "T" Account and Account) Having passed the double or journal entries‚ the next step is to post these double or journal entries into Ledger accounts. Ledger account or an account is simply the classification of double entries which we have made in General Journal or any other journal. In an account we bring together all similar entries in one place. For example a company has purchased goods on 4th and 7th January‚ we would put both entries in purchases account because of their similar
Premium Accounts receivable Debt Double-entry bookkeeping system
EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency‚ coins‚ checking accounts‚ and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due‚ supplies‚ etc. Notes Receivable - An asset representing the
Premium Generally Accepted Accounting Principles Balance sheet
face of it‚ I wanted to comment on how strange this question is. Then I “Googled it”‚ and the search engine came back with 147‚000‚000 results! Whilst‚ at the top of the list were examples of essays (it seems that every psychology/psychotherapy/counselling course has this question on the curriculum)‚ it also seems that this question has been on the lips of people (in many cultures) for a very long time. Right up there are quotes from the King James Bible‚ with one website quoting 70 versus from the
Premium Time Future Past
Loss and grief can mean a variety of different things. It can be the physical loss of a person (death)‚ a thing‚ a limb. It could be the loss of something social –relationships‚ divorce‚ friendships‚ or it could be the loss of a job‚ a loss of expectations. Grief has many different stages and every individual grieves in their own way‚ no two people are the same when it comes to grieving‚ though there are particular stages most people go through‚ but not in any certain order. These include: shock
Premium Emotion Psychology Mental disorder