Net Income when debit balance and credit balances are the same

Q: What is the purpose of income crediting?

A: Sales revenue: Sales revenue is the amount earned by the company by selling the goods or providing…

Q: What is net income, comprehensive income, and retained earnings balance?

A: According to the question given, we need to compute the net income, comprehensive income, and,…

Q: The course concerned with debtors is *

A: Option (a). Revenues is the correct answer

Q: Convert from cash-basis net income to accrual-basis net income

A: Cash basis : Under cash basis of accounting, revenues and expenses are recorded only when cash is…

Q: Define the term financial ratio.

A: Financial ratio: The financial ratio is used to determine the performance of the business by…

Q: What is the tabular approach for finding the net income?

A: Net Income is the profit calculated after deducting all the expenses and paying off all the…

Q: Measurement of income method consists of what exactly?

A: There are three methods of measurement of National Income. These are:  1. Product Method  2. Income…

Q: Define components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: When a receivable is written off under the allowance method, how does it affect the net realizable…

A: Allowance method: It is a method for accounting bad debt expense, where uncollectible accounts…

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.