why account is not easy

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

Q: What are the two types of accounts?

A: There are two types of accounts. They are, Temporary accounts, and Permanent account.

Q: what is a t account

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

Q: How does account receivable work?

A: The term "account receivable" denotes that payment for previously completed work has yet to be…

Q: How to prepare bad debts account

A: Bad debts are those account receivables for whom it is estimated that amount due will not be…

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 accounting explain briefly?

A: Accounting is a broad term and it also has many branches like Cost accounting, Management…

Q: The Write Checks window can be used to pay expenses such as rent, utilities, and insurance. Group of…

A: An expense or an outlay is the amount that is incurred by an entity to generate income and to manage…

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: y different types of accounts are there.

A:

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: account, we will ____ it. A. Debit  B. Credit

A: A contra asset account is a type of asset account with a balance that can be either negative or…

Q: Cheat Sheet for Accounting

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

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: What is difference between general ledger and balance sheet. If possible, can you give me an…

A: The accounting is a process to record the financial transactions on regular basis and prepare the…

Q: How should we account for the fact that not every account receivable is likely to be collected?

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: How does double entry bookkeeping work in JV?

A: Double entry book keeping, in accounting is a system of book keeping where every entry to…

Q: equest a

A: Manufacturing overhead rates refer to the regulated factory expenses designated for each unit of…

Q: need help with T account balance. How do you total T accounts?

A: T- account is defined as the set of the financial records which uses the double entry bookkeeping…

Q: What is accounting explain briefly?

A: Accounting is a broad term and it also has many branches like Cost accounting, Management…

Q: Copying bfrom chegg is not a good idea. Explain simply what accounting is

A: Accounting is a comprehensive word with several subfields such as cost accounting, management…

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: 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: make T accounts

A: T accounts are the classified accounts under which all the recorded journal entries are posted. This…

Q: What types of accounts are referred to as temporary accounts?

A: Accounting follows the double-entry bookkeeping system. The basic rules of double-entry bookkeeping…

Q: Question An example of an account that can NOT have an exceptional balance is: O An A/R Account A…

A: Exceptional Balance - Exceptional Balance is the balance other than the actual account balance of…

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: Explain how to correct accounting errors.

A: Accounting errors refer to the errors made while recording, classifying or summarizing accounting…

Q: Define Temporary accounts.

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

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: 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: 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: What is ledger account? Explain using illustrations.

A: There are many accounting journals maintained in a business to record all the transactions done in a…

Q: Only Ledger Accounts required.

A: Debit   Credit   a   Cash           8,000      Capital             8,000          b…

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…

Q: world, explain whether a current account deficit might be seen as a problem?

A: A current account deficit may imply the economy is becoming uncompetitive and the conversion scale…

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,…

Functions of Financial Institutions

Financial institutions are businesses that are formed to deal with financial and monetary transactions. These organizations primarily accept deposits, advance loans, make investments, and provide foreign exchange services. Financial institutions include, but are not limited to, banks, insurance companies, trust companies, brokerage firms, and investment bankers. Because financial institutions play such an important role in the economy in terms of monetary transactions, regulating their activities has become a requirement for governmental authorities. As a result, the government creates a multitude of laws and regulations to oversee the activities of financial institutions.