Trial Balance is prepared to check accuracy of A. Ledger account balances B.Balance sheet balances c.Income statement balances D.Cash flow statement balances
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100)
A. Ledger account
B.Balance sheet balances
c.Income statement balances
D.Cash flow statement balances
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- Which of the following financial statements should be prepared first? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash FlowsIn the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)On which financial statement would the Supplies account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
- Inventories, cash and equivalents, and accounts receivables are listed as Select one: a. Payments on Income Statement b. Liabilities on the Balance Sheet c. Assets on the Balance Sheet d. Earnings on Income StatementThe income statement is drawn up from the figures in the _________________ Select one: a. Accounts Receivable ledger b. Accounts payable ledger c. Trial Balance d. Cash Flow StatementWe report accounts receivable in the balance sheet at the amount expected to be collected. Explain what this term means.
- Please create a general journal, general ledger, trial balance, income statement, changes in SE, Balance Sheet, Statement of Cash Flows, and analysis.Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debitOn which financial statement would the ending balance of the account “accounts receivable” be found?a. Income statementb. Statement of retained earningsc. Balance sheetd. Statement of cash flows
- Arrange the following items in current assets according to its liquidity: A . Cash, Inventories, Marketable Securities, Account Receivable. B. Cash, Account Receivable, Inventories, Marketable Securities. C. Cash, Marketable Securities, Account Receivable, Inventories. D. Cash, Account Receivable, Marketable Securities, Inventories.Explain the relationship between the: -Cash Flow Statement and Balance Sheet;and -Income Statement and Balance Sheet. Please answer in 159 words or less.(a)Explain, using practical example the effect of accruals figures on the preparation of a financial statement. (b)Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of accounts receivable ledger balances. (c)Explain, using practical example how Capital expenditure should be capitalized
