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Categories >> Accounting >> Accounting AllOther
 
 


 

 
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4354)
Question
Why do balance sheet always have same total of Assets and 
liabilities..??? pls ans dis...my id is 
business.ankita@gmail.com
 Question Submitted By :: Ankita
I also faced this Question!!     Rank Answer Posted By  
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 1
in the balance sheet assets & liabilities always shows same
amount because it is accounting priciples design like
 
Is This Answer Correct ?    10 Yes 14 No
Narsing Rao
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 2
trail balance tally.automatically balancesheet tally.trail
balance effect is balancesheet.actually trail balance is
problem.this is created by author.
 
Is This Answer Correct ?    2 Yes 21 No
Suneetha
 
 
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 3
Due to Accounting Principle and second thing is We are
working with double entry system as per accounting
stadared,Dr & Cr is equal.
 
Is This Answer Correct ?    29 Yes 4 No
Ashish Kumar Tiwari
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 4
what ashish kumar is written is right suneetha ur wrong
actually that is not a concept that u have mention ok
 
Is This Answer Correct ?    4 Yes 4 No
Ram
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 5
According to accounting princple every dr has a
corresponding cr.balance.Balance sheet is a statement to
know the financial position of the business.as we are
following double entry system of accounting.
 
Is This Answer Correct ?    12 Yes 2 No
Bk
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 6
Dear Ankita, according to the double entry system of
accounting, every debit should have a equal credit,
otherwise it would not be called as 'Balance Sheet'. Hence,
all the incomes generated by the company/business have
expenses to run. Every year every business concern should
give it for audit, to confirm whether every recorded
transaction is true to the best of knowledge, and therein
the role of an auditor arises, where he has to check and
confirm that everything mentioned in the balance sheet has a
true and fair view.
 
Is This Answer Correct ?    6 Yes 1 No
Ameet
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 7
Hi Dear,
all the above answers may be the reasons why B/s showing
the same ammounts.
but as per my knowledge in another corner b/s contains the
profit/loss entry which is not actual Asset or liability.
but if the company gains the profit we will show it in
liability side as company needs to pay that profit to share
holders. the actual loss or profit carryforward from T/b
and showing it into b/s that is why it is always tallied.
 
Is This Answer Correct ?    8 Yes 2 No
Swamydlj@rediffmail.com
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 8
according to the double entry system of
accounting, every debit should have a corresponding credit.
so B/S shows it in that way...
 
Is This Answer Correct ?    1 Yes 1 No
Dinesh
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 9
because of our accounting principles if they do not match
it means there is error in that balance sheet.
 
Is This Answer Correct ?    0 Yes 0 No
Aashish Tahelani
 
  Re: Why do balance sheet always have same total of Assets and liabilities..??? pls ans dis...my id is business.ankita@gmail.com
Answer
# 10
Due to Accounting Principle and second thing is We are
working with double entry system as per accounting
stadared,Dr & Cr is equal..
 
Is This Answer Correct ?    5 Yes 1 No
Mayur Patel
 

 
 
 
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