Should the Cash Discounts GL hit the Balance Sheet in SAP from US concept. If yes then why? Or If No, they why?Please explain how the entry flows and also how would you clear the Open item in cash discount GL and analyse the reason for the same.
Which of the following dose not included in the Government accounting Balance sheet: 1) Asset, 2) Cost, 3) Liability, 4) Surplus.
Latest Answer : A form of financing in which large capital expenditures are kept off of a company's balance sheet through various classification methods. Companies will often use off-balance-sheet financing to keep their debt to equity (D/E) and leverage ...
Latest Answer : Shadow balance is that balance which is not yet clear.Consider any company's case.Company has given money to someone by a cheque. Then they have shown in their cash book that money has been given. Subsequently the balance will show lower. While the ...
If i have paid for something why cant i expense the entire amount on the income statement?why do we need to make an adjustment to the insurance policy at the end of the year? wouldn't it have easier to record the entire balance as an expense in November when the policy was ?purchased?why do I need to take an inventory count of my supplies at the end of the year?If I receive the Hydro bill on August 5th, why don't we record the transaction for the next fiscal period rather then include
Which items belong in income statement and do not belong in balance sheet statement
Latest Answer : examples of a income statement and balance sheet ...
Why do we prepare Trail Balance?
Latest Answer : In Accounts Perspective: Trail balance will be prepared to know the Arthamatic Accuracy of all the accounts with in a given period normally yearly basis.This statment consist of heads belongs to REAL ACCOUNT AND PERSONAL ACCOUNT Trail balance will ...
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 ...
How will you treat pre-paid insurance in balance sheet?
Latest Answer : The words "pre-paid insurance" are self explanatory.What is pre-paid insurance? The insurance that is paid in advance, before due date. This is treated like current asset. The exact treatment is like this:Whatever amount that is spent on insurance ...
If Irrevocable Letter of Credit is backed by a CD. How do you account for it? Will it be on Balance Sheet or is it just a Footnote item?
Latest Answer : Letter of credit is always backed by Fixed Deposit. Bank does not issue letter of credit unless and until it has tangible securities provided by you pledged in bank's favour.Moreover bank charges some amount as well for doing all this work.In practice, ...
