elp 1) know the difference between a service business and a manufacturing business. 2) What does journalizing mean? 3) Know what Accounts Payable is 4) What is a T account 5) How many accounts are affected by each transaction 6) What is posting 7) Do adjusting entries have to be posted? 8) What is in the Income Statement column on the 10-column worksheet 9) How do you close an expense account 10) What is a sole proprietorship, a partnership, and a corporation 11)What is net income 12) What entry is made when a sale on account is made 13) What is a trial balance 14) What does it mean when a transaction is in balance 15) What are source documents 16)What is the journal used for? 17) How many accounts will a journal entry have an effect on? 18) Adjusting entries never affect which account 19) What is the basic equation 20) What does summarizing mean? 21) What does net loss mean? 22) Understand WIRE 23) Which financial statement will you find liabilities? 24) If Office Supplies are purchased on account, what would the entry be? 25) What are the normal balances of the following accounts: Assets, liabilities, owner’s equity, withdrawals, revenues expenses 26) What would the journal entry be if an owner makes an investment 27) In a 10-column worksheet, what is in the 4th set of columns? 28) You must know how to calculate a discount 29) when you make purchases on account, what would be the entry? 30) Know how to adjust a prepaid account 31) Understand the end of the year adjustment for salaries when the year ends during the middle of the week. 32) What is the difference between a drawing account and an expense account. 33) You will be shown a Trial balance and will be given adjustment information, you will be required to do the journal entries for the adjustments
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
help
1) know the difference between a service business and a manufacturing business.
2) What does journalizing mean?
3) Know what Accounts Payable is
4) What is a T account
5) How many accounts are affected by each transaction
6) What is posting
7) Do
8) What is in the Income Statement column on the 10-column worksheet
9) How do you close an expense account
10) What is a sole proprietorship, a
11)What is net income
12) What entry is made when a sale on account is made
13) What is a
14) What does it mean when a transaction is in balance
15) What are source documents
16)What is the journal used for?
17) How many accounts will a
18) Adjusting entries never affect which account
19) What is the basic equation
20) What does summarizing mean?
21) What does net loss mean?
22) Understand WIRE
23) Which financial statement will you find liabilities?
24) If Office Supplies are purchased on account, what would the entry be?
25) What are the normal balances of the following accounts:
Assets, liabilities, owner’s equity, withdrawals, revenues expenses
26) What would the journal entry be if an owner makes an investment
27) In a 10-column worksheet, what is in the 4th set of columns?
28) You must know how to calculate a discount
29) when you make purchases on account, what would be the entry?
30) Know how to adjust a prepaid account
31) Understand the end of the year adjustment for salaries when the year ends during the middle of the week.
32) What is the difference between a drawing account and an expense account.
33) You will be shown a Trial balance and will be given adjustment information, you will be required to do the journal entries for the adjustments
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