Why creditors control account may have debit balance

Q: accounting is defined as the practice of keeping records of transactions and their

A: Accounting is the systematic recording, measuring, and reporting of all financial data. It is the…

Q: What is Accounting Information System?

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

Q: What is concern of external users of accounting information in GAAP?

A: Accounting information includes all financial statements like Balance Sheet, Income statements and…

Q: Explain how the accounting equation organizes financial information using T-accounts and debits and…

A: Accounting involves the process of recording, analyzing, and summarizing costs, allocating,…

Q: Why accounting information is important?

A: The accounting is a process to identify the business transactions, record the transactions, and…

Q: what accounts are disclosed on a balance sheet

A: Balance sheet means where all assets , liabilities and equity are shown in proper format

Q: What is accounting base on

A: The term that is related to the recording of the business transactions, summarizing the data, and…

Q: How does information from the balance sheet help users of the financial statements?

A: The balance sheet provides an overview of assets, liabilities, and stockholders' equity as a…

Q: What do the decisions based on accounting information include?

A: Accounting information is the collection and processing of the business transaction to conclude the…

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: Financial accounting information?

A: Introduction: Accounting: The process in which the financial transactions of the business entity are…

Q: What are the information about the balance sheet and income statement account groups and their…

A: In Day to day business, Company requires various accounting information's to carry its business. Due…

Q: Define Balance Sheet Accounts.

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: you agree or disagree upon accounting debits and credits as an information system?

A: Debits and Credits 1) An account shows the effect of transactions on a given asset, liability,…

Q: What is an account and how is it related to the ledger?

A: Accounting is the process of identifying, recording, classifying and summarising accounting…

Q: What are different types of accounting information?

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: Difference between bookkeeping and ​accounting

A: Account: It can be defined as a record that is maintained in the general ledger and is used to store…

Q: How does the rule of debit and credit relative to accounting equation?

A: Accounting equation:   It is a mathematical expression that presented all assets of the firm are…

Q: How does IFRS APPLY TO THE ACCOUNTING CYCLE AND FINANCIAL REPORTING?

A: IFRS - International Financial Reporting Cycle is the standard set by the IASB (International…

Q: Define debits and credits and explain double-entry accounting.

A:

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: = does an Accounting Information System play in

A: Accounting Information System (AIS):  It is a system that is designed to collect store and process…

Q: What are the current account, financial account and balance sheet accounts? How are they useful in…

A: Balance of payments is to record all the monetary transactions which occurred in the country by the…

Q: What is accounting information?

A: Solution:- Accounting information means as follows under:-

Q: What are the accounting concept?

A: Solution:- Introduction:- Accounting concepts are defined as basic assumptions on the basis of which…

Q: what are the difficulties may users of financial statements face it in using financial or accounting…

A: Accounting disclosure information: It is information that shows expenses and revenues of the…

Q: What is an accounting system for?

A: Accounting system basically refers to the way of maintaining the books of accounts. It is an…

Q: Difference Between Financial Accounting And Bookkeeping?

A: Definition:   Bookkeeping: Bookkeeping is the process of recording financial transactions and other…

Q: What's the difference between credit and debit in accounting terms

A: There are three golden principal of accounting.

Q: Explain the relationship between the balance in the account payable general ledger control account…

A: Accounts Payable general ledger account is generally used to record all liabilities related to when…

Q: Explain how suppliers and creditors use a customer’s payment practices to judge liquidity.

A: Introduction: Liquidity is the ability of the company to meet its immediate or short-term debt…

Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Discuss the difference between the financial reporting system and general ledger system.

A: A general ledger, or GL, is a system for recording all of a company's financial transactions.…

Q: accounting

A: Debit  :-  In accounting it indicates benefit received by a particular…

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

Q: What is the function of the Accounting Information System in current accounting?

A: Accounting Information Systems are the systems that help the organizations to record their…

Q: Which account records is the main source of information used to prepare the financial statements

A: generally, primarily we start accounting by recording journal entries, then we do ledger postings,…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is