What is reconciling an account? Why it is needed? Give three examples?

Q: What entry would you use to account for the initial transaction?

A: The accounting process consists of various steps to record, analyze and report the data.

Q: What are the 3 types of accounts?

A: In the Accounting, we have Three types of Account which helps us to record the Transactions in the…

Q: What is the difference between a ledger and a trial balance?

A: A Ledger Is Described Often, a ledger is referred to as a ledger book. Today, the roster and its…

Q: Give t accounts for the following

A: Raw material A/C To opening Balance  $ 42,000  By Raw material used in production  $…

Q: what is a t account

A: Accounting is the art of classifying, recording, summarizing, and interpreting the financial…

Q: Summary account will showa balance of

A: It is pertinent to note that nominal accounts that is income , expense , losses and profit accounts…

Q: What precisely is a T-account, and how does it work?

A: Explanation of T- Accounts looks like this:-  First on the mid of paper T letter is drawn Title is…

Q: ubmit a picture that is related to Accountancy. Give three mathematical terms describing the…

A: Basic Accounting, needs to explain accounting concept with the help of picture

Q: Using two revenue and capital ledgers, explain how you will treat them in the trial balance

A: A trial balance is one of the intermediate steps in an accounting cycle. The first few steps in the…

Q: Which of the following will be debited according to the double entry rule?

A: Answer

Q: Two sections of Ledger and Trial balance and accounts forming those sections?

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: EBIT

A: EBIT is a measure used by companies to calculate their overall profitability. EBIT stands for…

Q: ould appear in an REA diagram as an example of which kind of entity? a.... Description

A: Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…

Q: How efficient is an Analysis at the account level technique?

A: The question is to discuss efficiency of financial analysis at account level or based on the data…

Q: What is a T-account? What is it's purpose?

A: An account is Record of transactions whether cash or credit under a particular head of account like…

Q: Give a example of accruals and write a numeric example for it with Accountıng entries

A: Meaning of Accrual: Accrual meaning in accounting term means, recognition of revenues and costs as…

Q: Give examples of all key types of adjusting accounts.

A: Adjusting Entries Adjusting entries are refer as the journal entries which are pass according to the…

Q: How are the statements interrelated? How to Choose three accounts, all from one statement, and…

A: Introduction:- The financial statements are comprised as follows under:- (1) balance sheets (2)…

Q: why account is not easy

A: Accounting refers to the process of recording, classyfing, and summarizing all the business…

Q: The five basic account types are: Asset Liability Owners Equity Revenue Expense   What is the…

A: 1. Asset = Debit Balance 2. Liability = Credit Balance 3. Owners Equity = Credit Balance 4. Revenue…

Q: Match the formula to the corresponding account to which it applies.

A: Future value refers to the value that an amount would assume at a future time period after…

Q: Show the effect of the following transactions

A:

Q: Which of the following is related to Scientific system of maintaining account? [A] single entry [B]…

A: An accounting entry is a financial transaction that is recorded in the books using the double-entry…

Q: Give a specimen of an account.

A:

Q: What IF function can be used to determine whether or not an amount in a certain cell should be a…

A: A journal entry is the first step in including a transaction into the books of accounts. Under the…

Q: can you explain how to get the opening balances

A: Opening balances of the account is the balance of an account which it is having at the beginning of…

Q: What is the last step in the account cycle?

A: Dear student, since you have highlighted the fifth question among the given questions, the same has…

Q: What is the difference between a permanent and a temporary account? Give examples of each.

A: answer Difference between temporary and permanent account let us briefly discuss both the accounts…

Q: and Redding has the following account balances:

A: A partnership is a form of business where two or more people with some common objective of starting…

Q: ARRANGE AND PREPARE A BALANCE SHEET Use a Separate Sheet an

A: Balance Sheet- Balance sheet accounts are permanent accounts, and their balances carry over to the…

Q: What does a T-account represent? What is the left side of the T-account called? What is the right…

A: Meaning of Ledger Ledger is also called as Book of secondary entry as all the transactions that are…

Q: Define Permanent accounts

A: Permanent Accounts are also known as Real Accounts. Those accounts which do not close at the end of…

Q: What is the name of the accounts that are used to monitor the changes in resources and give the…

A: Active Account shows the balance of the assets. Passive Accounts show the balance of the…

Q: Define the followings? a. Real Account. b. Temporary Account.

A: a.Real Account:Real accounts are a general ledger account that does not close during the accounting…

Q: If total debits equal total credits on the trial balance, is the trial balance error-free? Explain…

A: The statement which shows the summary of debit and credit balance is called trial balance. If both…

Q: Explain the term “aging of accounts”? Explain with one example.

A: Accounts receivable is the amount of money that the customers are due to the organization for the…

Q: When it comes to accounts, what is the difference between inactive and dormant?

A: An account is declared dormant after 12 months of no transactions. It is considered dormant if there…

Q: Account

A: The account is a statement that records journal entries. In the double-entry system of accounting,…

Q: Give me an example of ledger?

A: The ledger provides the summary of all the business transactions incurred during the period. The…