Finance Questions
Explore questions in the Finance category that you can ask Spark.E!
The income statement and balance sheet are prepared from the trial balance columns on the worksheet
Adjusting entries must be posted to a general ledger account
Most errors occur in doing arithmetic
The two accounts affected by the adjustment for supplies supplies and supplies expense
Net income on a work sheet is calculated by subtracting the income statement debit column total from the income statement credit column total
If there are errors in a work she's trial balance Colum, it might be because of general ledger account balance was recorded in the wrong trial balance column
The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year.
The source document used my supplies by on account or paid for is a memorandum
Calculator tape is the source document for daily
The best way to prevent yours is to use a calculator
The balance and supplies expense after adjusting entries are recorded represents the amount of supplies used during the first fiscal period
Examples of source documents include checks, sales invoice, receipts, and memorandums
The source document used when supplies or bought on account is a check
And double entry accounting, each transaction affects at least three accounts
The journal columns used to record receiving cash from sales are cash debit and sales credit
The four questions asked when analyzing an adjustment RY, where, when and how
To correct an error in a journal, simply recent incorrect item and write the correct item in the same place
Only accounts with a balance are listed on a trial balance
Information in a journal includes the debit and credit parts of each transaction recorded in one place
The journal columns used to record paying cash to the owner for a withdrawal of equity or cash debit in general credit