Question

How easy is it to make your financial statements?

How easy is it to make your financial statements?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Ans: Financial statements are Balance sheet and income statement.

1. It should start with the journalise the entries of the transactions made during the period.

2. Ledgers need to be prepared of showing the total balance of each account.

3. Trial balance is prepared of total debits and total credits.

4. Adjusted trial balane is prepared with adjusting entries.

5. Income statement and balance sheet is prepared showing finacial performance and finacial postion respectively.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
How does the use of Common Size Financial Statements allow for easy comparison and how do...
How does the use of Common Size Financial Statements allow for easy comparison and how do they relate to vertical analysis of financial statements?
How can you make it easy for an audience to comprehend your informative speech?
How can you make it easy for an audience to comprehend your informative speech?
to make consolidated financial statements, the financial statements of a foreign subsidiary must be translated so...
to make consolidated financial statements, the financial statements of a foreign subsidiary must be translated so as to use the same currency as the parent company. To determine which method to use in the translation process, the accountant must determine the functional currency of the subsidiary. IN U.S. GAAP, there are two primary factors that should be considered. What are they?
1) How do financial statements / budget tools contribute to your personal financial management? - 2)...
1) How do financial statements / budget tools contribute to your personal financial management? - 2) What are the key steps to have a suitable financial plan? 3) Explain your reasons on how the following financial products discussed in class accommodate financial life cycle seen in class: a) insurance products b) investment accounts c) loan products d) retirement plans
Describe, in your own words, the three financial statements and explain how they relate to each...
Describe, in your own words, the three financial statements and explain how they relate to each other.
Important: If you're going to write make sure your writing is neat and easy to read....
Important: If you're going to write make sure your writing is neat and easy to read. Please use print (not cursive). Thank you Why is randomization so useful in solving the problem of identification?
If possible at either your place of employment or your school, attempt to determine how easy...
If possible at either your place of employment or your school, attempt to determine how easy it would be to perform dumpster diving to gain access to information at the site. Are trash respectable easy to gain access to? Are documents shredded before being discarded? Are areas where trash is stored easily accessible?
The company management is asking Ms.Haniya to make some changes in the financial statements of the...
The company management is asking Ms.Haniya to make some changes in the financial statements of the campany in the current year. The management wanted Ms.Haniya to show less profits so that that company can pay less taxes to the government. But she did not agree to make such false statements and cheat the government. Which IFAC Code of Ethics for professional Accountants apply to this situation : 1- Integrity 2- Objectivity. 3- Confidentiality.
Analyze the Barnes & Noble Financial Statements and make an assessment of what you believe the...
Analyze the Barnes & Noble Financial Statements and make an assessment of what you believe the stock price should be. If you were preparing a stock analysts report on whether Investors should: BUY HOLD SELL The shares of stock at the current market price and why. analysts recommendation report based on your analysis.
You are reviewing your company's preliminary summary financial statements for the year which are as follows:...
You are reviewing your company's preliminary summary financial statements for the year which are as follows: Assets $1,500,000 Liabilities $400,000 Equity $1,100,000 Net Income $200,000 After talking with the accounting department, you discover that they have not written off $50,000 worth of inventory which has become unsalable. How will the correction of this error affect the financial statements? If you discover that they have written $50,000 that should not have been written off, how will the correction of this error...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT