Which of the below is NOT a financial Statement? Profit & Loss Statement Statement...
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Accounting
Which of the below is NOT a financial Statement?
Profit & Loss Statement
Statement of Owners Equity
Balance Sheet
Bank Reconciliation Statement
Cash Flow Statement
A Trial Balance is a report containing the normal balances of the ledger accounts in the following order: Assets (in order of liquidity), Liabilities (from short term to long term), Capital, withdrawals, revenues and expenses.
True
False
GAAP Stands for?
Generally Accepted Accounting Procedures
Generally Accepted Accounting Policies
Generally Accepted Accounting Parameters
Generally Accounting Accredited Partners
None of the above.
A Bank Reconciliation is a report explaining any similarities between the balance per bank (Bank Statement) and the balance per books (Accounting Software). These similarities also called reconciling items can be deposits in transits and outstanding checks.
True
False
An adjusting entry to record a previously booked unearned revenue now being earned would be as follows:
Dr. Revenue and Cr. Unearned Revenue
Dr. Accounts Receivable and Cr. Revenue
Dr. Unearned Revenue and Cr. Revenue
Dr. Accounts Payable and Cr. Revenue
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