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q describe the essential steps in the closing processin accounting we habitually refer to the process of closing as closing the books remember that
q what is income summary accountthe income summary account is a clearing account used merely at the end of an accounting period to summarize revenues
q explain about closing processexpense revenue and dividends accounts are nominal temporary accounts that are merely sub classifications of a real
q example of electronic spreadsheetselectronic spreadsheets have many applications in accounting an electronic spreadsheet is basically a large blank
a few account balances remain the same because no adjustments have affected them for illustration the balance in accounts payable doesnt change and
q preparing a separate trial balanceas an alternative of preparing a separate trial balance as accountants uses the trial balance columns on a work
q detailed steps for completing the work sheetaccountants use these preliminary steps in preparing the work sheet the following segments describe the
q what do you mean by work sheetthe work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information
q career in information systemshave you yet heard the sayings knowledge is power or else information is money when people talk about accounting what
online exam in auditing class the exam will be about 2 hr thank
q explain about accounting cyclewhen an event is a measurable business transaction you require adequate proof of this transaction after that you
q completing the accounting cyclesubsequent to studying this chapter you should be able to- recapitulate the steps in the accounting cycle- organize
q learning objectives of trial balance- the cash basis of accounting know revenues when cash is received and recognizes expenses when cash is paid
q explain about accrued liabilitiesaccrued liabilities are liabilities not so far recorded at the end of an accounting period they represent
q explain interest revenueinterest revenue savings accounts exactly earn interest moment by moment hardly ever is payment of the interest made on the
q explain about accrued assetsaccrued assets are assets such like interest receivable or accounts receivable that havent been recorded by the end of
q adjustments for accrued itemsaccrued items need two types of adjusting entries assetrevenue adjustments and liabilityexpense adjustments the first
q what do you mean by unearned revenuea liabilityrevenue adjustment concerning unearned revenues covers situations in which a customer has
q show accumulated depreciation account with examplemicro train credits the depreciation amount to an accumulated depreciation account which is a
q example of accumulated depreciation accountthe accumulated depreciation account doesnt represent cash that is being set aside to change the worn
q illustrate accumulated depreciation accountmicro train place depreciation expense in its income statement and it reports accumulated depreciation
q what is estimated useful lifethe estimated useful life of an asset is the approximate time that a company can use the asset useful life is
q what is asset cost and estimated residual valueasset cost the asset cost is the sum that a company paid to purchase the depreciable assetestimated
q explain about depreciation expensedepreciation expense is the sum of asset cost assigned as an expense to a particular period the method of
q what do you mean by depreciable asseta depreciable asset is a manufactured asset such like a building vehicle machine or piece of equipment that