Answer Posted / diksha
well the balance sheet is a statement showing the value
assets and liabilities of the business as on the last date.
It tallies because of the double entry system which says
taht every transaction affects atleast two persons or
parties or every debit has an equal and corresponding
credit.
Is This Answer Correct ? | 18 Yes | 4 No |
Post New Answer View All Answers
outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains since they are unpaid hence they must be credited
tell me about a time you had to deal with a conflict between a licensed and unlicensed personnel and how handled the situation?
What are the steps involved in converting the trail balance of a foreign branch? Explain the steps involved in incorporating the foreign branch trail balance in HO books
EXPAND______________ICT
WHAT IS GENERAL LEDGER HOW MANY TYPES OF IT, AND WHEN GL WILL USE IN WHICH SITUATIONS DESCRIBE ME
For how long should prepayments be carried in the books as fictitious asset and when is it ideal for a new coy to pay tax
Expand-------NAC
interest paid comes under which head
Apportion Nett profit of rs 325600 among the partners A,B,C and D as per sharing ratios of 26%,13%,32% and the balance to D.Pass journal entry
Expand-------BANT
what is the accounting conventions
as per partership firm TDS receivable at the end of goes to partners current account, but at the multinational company how pass TDS entry pass, where is it is goes
Is it correct to covered fesibility report expenses and survey expenses in pre-operative exepenses ?
what is the difference between accounts manager and finance manager?
What is meant by retiring Bill