Question { 11639 }

Give simple definition on Dual Entity Concept

Answer

The claims against the assets of the business unit are by
the creditors and owners.Therefore the total assets of a
business are equal to total liabilities at any time

Question { 6817 }

What is the purpose of making a trial balance

Answer

In the accounting process transactions will be
journalised,posted in ledgers according to the
clasifications, after that balancing of ledger accounts
will be made.After the end of the process before preparing
Final accounts it is the duty of the accountant to satisfy
him self about the correctness of the posting amounts and
the balances. To know the arthimatical accuracy of the
accounts the accountant will prepare Trial Balance which
will help him to check the accuracy of the the accounts

Question { Cognizant, 31596 }

what is interest on drawings

Answer

Drawing are the amounts thru cash or goods which are
withdrawn by the partners from the Firm.Interest on
drawings will be charged at a reasonable rate as mutually
understood by the partners and will be added to the profit
of the business.Drawings along with interest on that will
be deducted from the capital and will be shown clearly in
the Balance Sheet

Question { 6706 }

Can you say the Sub-Fields of Accounting

Answer

The main sub-fields of accounts are
1.Financial Accounting
2.Cost Accounting
3.Management Accounting

Question { Genpact, 17337 }

Define Trial Balance?

Answer

Trail balance is the statement prepared by taking all the
net balnces from ledger accounts.The main purpose of
talying is to know and check the arthimatical accuracy of
the books of accounts before proceeding to the preparation
of Final accounts

Question { Apex, 151561 }

What is WCT TDS? who is liable to deduct the WCT TDS?

Answer

SATYAKI RAJU
Idiot this site is not to improve english or to develop
communication skills just give the answer for above question
if u know if not shut ur mouth u u have no right to
discriminate others

Question { 13058 }

Name the Errors Which the Trial balance cannot detect

Answer

Trial balance verify the arthimatical accuracy of the books
of accounts. It can not detece errors of principle,errors
of commission and compensating errors. They can be detected
only thru thorough audit