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

Q: Why is it important to classify temporary and permanent accounts in the closing process?

A: The two major accounts in accounting are the Nominal Accounts (Temporary) and Real…

Q: rregular transactions such as discontinued operations s

A: Single step income statement is generally used by the small businesses like…

Q: Withdrawal is a temporary account?

A: Temporary accounts refer to accounts that are closed at the end of every accounting period. These…

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

A: Reconciliation:It is a process of accounting process that compares two sets of record to check…

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: 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: Why are the income statement accounts closed but thebalance sheet accounts are not?

A: Income Statement accounts are closed but the Balance Sheet are not closed.

Q: DO NOT COPY When does Accounts receivable are created?

A: Sales in the business means delivery of goods and services to some other person or customer. For the…

Q: why account is not easy

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

Q: How are adjusting entries completed? Is there a short-hand way to remember or a technique? What…

A: Adjusting entries are the journal entries passed at the end of the financial year to close all the…

Q: What can you do to ensure that all payments are accurately coded and allocated to accounts?

A: SOLUTION- Coding in accounting is the process of assigning numbers or letters to data to create a…

Q: If an account payable is left off the end of the period balance, what are the possible other…

A:

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: Why is a service expense a good account for recording a fictitious expense?

A: Fictitious Expense:  Fictitious expense has no tangible existence or any value, but it is created in…

Q: How do you adjust this accoun

A: Prepaid insurance can be defined as that asset account which is the security amount for future…

Q: What accounts are affected by closing entries? What accounts are not affected?

A: Closing entries are done at the end of accounting period to close all the temporary accounts and…

Q: Is a Microsoft subscription considered as a prepaid expense? Also, if it's considered or recorded…

A: Prepaid expenses are those expenses which are paid in advance for future period of time. This is a…

Q: A T-account (ledger account) does not have the word asset, liability or equity. How can you tell…

A: The accounts are maintained by the business in order to keep proper record of the transactions that…

Q: Why are some accounts "temporary" and others are "permanent?" How does this relate to the financial…

A: There are two types of account namely permanent account and temporary account.   Permanent accounts…

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: What are temporary accounts? Are temporary accounts closed in the closing process?

A: Temporary Accounts: A temporary account is an account that is closed at the end of every accounting…

Q: Why would the GST clearing account have a debit balance?.

A: GST means goods and service tax, which is charged by seller to customer and seller needs to pay it…

Q: d not be recorded using the Expense or Check onscreen form?

A: Office Supplies purchased

Q: Define Temporary accounts.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: est of details of transactions involves testing the transactions which give rise to the ending…

A: Solution Concept Test of details               Test of details is a method used by auditor to verify…

Q: What is the difference between inactive and dormant accounts?

A: Account: It is the basic record that reports all changes in the value of particular assets,…

Q: Explain the differences between a CD, a checking account, and a saving account.

A: Introduction: CDs are short for certificate of deposits. CDs provide small business owners with…

Q: t important to keep a schedule of accounts payable

A: Option A is wrong because the schedule of accounts payable is not used to track number of vendors.…

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: In case the books of accounts are not yet closed what financial statements account/accounts must be…

A: Adjusting entries are made towards the end of an accounting period after a trial balance is prepared…

Q: When an account becomes uncollectible and must be written off as a?

A: Uncollectible accounts considered as those loans, receivables or any other form of debts that have…

Q: Which of the following will not be found in the ledger?

A: The ledger contains the summary of financial transactions of the business entity and it is used to…

Q: What are the permanent accounts? Are permanent accounts closed in the closing process?

A: Permanent accounts:The accounts which carry over the time like assets, liability, and equity…

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: 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…