'After a bank reconciliation is completed, journal entries are prepared for items in the balance per the company's records as well as items in the balance per bank statement.
This statement is False.
In accounting, bank reconciliation is the process of reconciling the bank account balances on a company's books with the balances reported by financial institutions in their most recent bank statements. You should check the difference between the two numbers and correct if necessary.
Bank reconciliation is the process of reconciling cash book data with corresponding data on bank statements. This is an important process for the CFO's office and ensures the accuracy of the accounting records.
Bank reconciliation is an important internal control tool and is necessary to prevent and detect fraud. It also helps identify accounting and banking errors by explaining the difference between cash balances on accounting records and bank balances on bank statements.
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Answer:
Depreciation of the manufacturing plant.
Explanation:
Depreciation is a fixed cost. The depreciation cost of an asset is an annual expense. Usually, it is the same amount throughout the useful life of the asset.
In considering the particular order, the depreciation cost of the plant should not be a factor. Whether the order is accepted or not, the depreciation cost of the plant will still be the same.
Answer:
Any transaction in cash, either paid or received eg. bought goods from supplier on cash.
Some time supplier offers customer the credit so he can pay later. Bought goods from supplier which are payable in 30 days.
Revenue expenditure is short-term expenditure used to run daily operations eg. Rent, Salaries. These are treated as expense in SOCI.
Where as capital expenditure is one-time large expenditure which generate revenue for company in future. eg Plant and Machinery, Equipment, Furniture. These are capitalized as in SOFP as they meet the definition of Asset (ie Future economic benefits will flow to entity).
Answer:
Accounting equation is as follows:
Assets = Liabilities + Stockholder's equity
(a) Cash $3,940 Notes payable $3940
(b) Cash $4,630 Common stock $4,630
(c) Equipment $1,000
Cash (-$200) Notes payable(ST) $800
(d) Supplies $300
Cash (-$300)
(e) Supplies $700 Accounts payable $700
Silence will operate as acceptance in the following circumstances except when the offeror indicates that silence will operate as acceptance
