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in accounting process there is summerizing.
what is sumarizing? and an relevant example of summarizing?
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Answer / shishir
Summarizing in Accounting means preparing the Trial Balance.
Lets understand it. When a transaction takes place, we record it in the journal (known as RECORDING), and from there it is posted to the concerned ledger accounts (known as CLASSIFYING). The above process continues till the end of the financial year, at the end of which we BALANCE all the ledger accounts and bring the balances to one place (so we SUMMARIZE) called Trial Balance.
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Answer / shailendra bisht
it is the process of accounting its come after data collecting
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Answer / sai pradeep
Accounting is collecting data from relavent source
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1.Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under FIFO and LIFO methods? Opening Inventory 1000 units @ $ 10 $ 10,000 Purchase (1) 800 units @ $ 11 $ 8,800 Purchase (2) 500 units @ $ 14 $ 7,000 Purchase (3) 400 units @ $ 12 $ 4,800 Purchase (4) 300 units @ $ 13 $ 3,900 ------------ ----------- Totals 3000 units $ 34,500 ======= ======
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