In: Accounting
A: Just add up the numbers
Answer as many as you can please
if the question is unclear then skip it thank you
all of these questions are about accounting
The answer to the above mentioned question is
1. If we dont do adjusting entry of interest, then profit will remain overstat6.
2. Financial statements are the statements which state the financial position of business. They may include income statement, balance sheet and cash flow statement. They may also include schedules and notes forming part of such statements which are supposed to be read with such financial statements. They may also include accounting policies and accounting estimates used by the business to record their transactions.
3. Sole proprietorship : Accounts payable
Partbership : Partners' Interest on capital
Shareholders : Cash dividend
4. Accounting is a process of summarising, classifying and recording business transactions on a day to day basis.
5. Current Assets : current assets are the assets which are readily convertible into cash within one year of the balance sheet date. They also include prepaid expenses which will be used within one year.
7. Transaction about general entry: general entry transactions include depreciation adjustment for a a particular asset. It it gives the the the expense of using the asset in the business for the given period and due to which the money invested in the asset remains in the business so that we can replace it.
8. Why do we do accruals ?
Accrual concept tells us that Incomes are recorded when they are earned not when they are received.
9.