What is the difference between financial account and financial statement
Latest Answer: Financial Account is an Individual ledger of an account (Ex: Sales A/c, Purchase A/c, Vendor A/c, Customer A/c), whereas Financial Statement is a final picture of an organisation like Profit & Loss Account and Balance Sheet ...
Why always Liabilities are on left side and Assets on right side in Balance Sheet?
Latest Answer: It is nothing but convention.In United States they mention Assets on left and Liabilities on the right side.Vasudeo ...
Using Periodic inventory system: debit creditMerchandise inventory 7/1/05 32,000Sales 380,000Sales returns 12,000purchases 240,000 purchase discounts 6,000purchase returns 10,000freight-in
Why do we prepare Trail Balance?
Latest Answer: Trial balance will show Net balances of all accounts irrespective of nature of account such as Assets, Liabilities, Income and Expenses. Once the Credit and Debit balances of a Trial Balance will tally then onle we can proceed for Profit & Loss A/c ...
Which items belong in income statement and do not belong in balance sheet statement
Latest Answer: examples of a income statement and balance sheet ...
How do you calculate sensex points?
Latest Answer: Sensex or for that matter any index in any capital market acts as the barometer of the economy. When economy is on rise then the index shoots up and vice-versa.There is presumed to be co-relation between earnings of a company and its market price. When ...
What is meant by reserves?
Latest Answer: The word reserves is always used along with Surpluses.Surplus means any trading/business surplus in any financial year. While reserve means money kept aside for specific purpose.Example: General Reseve (kept aside for general contingency purpose)Debenture ...
How do you cope with multiple deadlines, if there are all asked at once ?How do you prioritise them ?How do you handle the pressure in this kind of situation ?Do you feel energised by them ?
Latest Answer: Inter Company means Two or More Companies under one Group Company.For Example Reliance have different companies like Mobiles, Oil products, malls, telecom, etc., all these companies called Reliance Group.If the saem Vendor is supplying material to all ...
How do you prepare MIS Report?
Latest Answer: That depends on management requirement.....what ever the management ask we have to present that report ...
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