Define Debit

Q: Which term is associated with '' left'' or''left side'' a) Debit b) Credit

A: While preparing general ledger accounts in books, there are two sides of account. One is left side…

Q: What is debit

A: Debit is an entry recorded in the left side column of an account.

Q: Describe the revenue recognition principle.

A: Definition:   Accrued revenue: Accrued revenue refers to the revenues that are generated from the…

Q: EBIT

A: EBIT is a measure used by companies to calculate their overall profitability. EBIT stands for…

Q: How to make balance sheet to balance

A: The financial statements of the business includes the income statement and balance sheet of the…

Q: Define Accrual accounting.

A:

Q: Direct debit means

A: Direct Debit Means is an instruction by the business to your bank, that authorizes the organization…

Q: What is balances sheet?

A: Financial statements refer to structured records in a proper format that conveys the performance and…

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

A:

Q: What IF function can be used to determine whether or not an amount in a certain cell should be a…

A: A journal entry is the first step in including a transaction into the books of accounts. Under the…

Q: Define balance sheet

A: Introduction: The financial statement is a detailed analysis of the financial situation of the…

Q: Describe the balance sheet elements?

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

Q: Define the term accounts.

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

Q: State the meaning of Income and Expenditure Account.

A: Accounting:   It refers to the process of recording the financial transactions of an organization…

Q: Analyze the balance sheet

A:

Q: Where to show TDS in the balance sheet?

A: Solution:-  TDS shown in the balance sheet as follows under:-

Q: Explain an example of balance sheet.

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

Q: what goes on the balance sheet?

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

Q: how to understand a balance sheet

A: Financial statements of the business are indicator of financial position of the organisation.…

Q: Define compensating balance (CB)

A: Compensating balance is a minimum amount a borrower has to maintain with the lender. This is very…

Q: how to create a balance sheet?

A: Purpose of the balance sheet   A balance sheet is a statement that shows the assets, liabilities,…

Q: What is a Balance sheet? Explain

A: SOLUTION- BALANCE SHEET- IT IS A STATEMENT THAT SHOWS THE FINANCIAL POSITION OF THE BUSINESS . IT…

Q: Explain the uses of balance sheet.

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

Q: What is account?

A: The account is a very important term that is used in the accounting process. It includes assets,…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: Briefly explain the relationship between assets, liabilities, and revenue.

A: Assets is the tangible or Intangible factor in the business, which can be valued in terms of money…

Q: Define transactions balance

A: Definition: Working capital: The measure which evaluates the ability of a company to pay off the…

Q: Define a compensating balance

A: Definition: Compensating balance: A compensating balance is a minimum amount of cash that must be…

Q: what are checks and balances ?

A: Checks and Balances:-It is a system where each branch of government has power and helps in…

Q: How to do Balance sheet?

A: The balance sheet is the financial statements of the business that represents the financial position…

Q: Define Financial instrument.

A:

Q: What is the present account balance?

A: An annuity is the deposit of a fixed amount regularly at a fixed interval of time over a specified…

Q: Define Revenue

A: The revenue is reported on the income statement of the company, and it is used to derive the net…

Q: Write down the purpose of balance sheet.

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

Q: Explain the purpose of a balance sheet

A: Balance sheet is the financial statement of an organisation which shows the financial position of…

Q: Define clearing (payment process)

A: Checks: Checks refer to the written document which is dated and signed which directs a bank to pay a…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.