Question

In: Accounting

Another adjusting entry Another adjusting entry by calculating interest What happens if we don’t do this...

  1. Another adjusting entry
  2. Another adjusting entry by calculating interest
  3. What happens if we don’t do this adjusting entry? Overstated or under
  4. Pick the definition of one of the steps in the accounting cycle?
  5. Liability that occurs to owners for sole ownership, partners, and shareholders(examples for all)
  6. Define accounting
  7. Definition of an item of a category on the classified balance sheet
  8. Calculate the amount that will appear in a particular category on a classified balance sheet

A: Just add up the numbers

  1. Transaction about a gernal entry
  2. Transaction and what impact does it have on the account
  3. Why do we do accruals
  4. Revenue entries

Answer as many as you can please

if the question is unclear then skip it thank you

all of these questions are about accounting

Solutions

Expert Solution

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.


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