Question

what is a comprehensive account record?

what is a comprehensive account record?

Homework Answers

Answer #1

Answer-

MEANING OF COMPREHENSIVE ACCOUNT RECORD - Comprehensive account record refers to the process of accounting which records each and every minute and material data relating to each account. Accounting runs on the basis of principles, assumptions and rules implied by authorised organisation which says that in accounting full disclosure of material things should be done while recording, classifying ,summarising and preparing financial statement. Comprehensive account record helps firm's to maintain its accuracy, reliability and ethical policies by recording comprehensive details of each accounts and which also helps to prepare financial statements accurate.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What are the journal entries to record the purchase of inventory on account?
What are the journal entries to record the purchase of inventory on account?
What events require accountants to use the account called accumulated other comprehensive income (AOCI) and how...
What events require accountants to use the account called accumulated other comprehensive income (AOCI) and how does using AOCI affect Net Income?
a. What is comprehensive income? What is income-in-kind?
a. What is comprehensive income? What is income-in-kind?
Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is...
Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Wildhorse Co. retires its delivery equipment, which cost $52,420. Accumulated depreciation is also $52,420 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is...
A chart of accounts is a list of account titles used to record financial transactions. is...
A chart of accounts is a list of account titles used to record financial transactions. is this true or false
which business documents are used to record cash sales and sales on account for a service...
which business documents are used to record cash sales and sales on account for a service business in QuickBooks Desktop and which are used to record them for a merchandise business.
Failure to record the purchase of office furniture on account will result in: A. an overstatement...
Failure to record the purchase of office furniture on account will result in: A. an overstatement of assets. B. an understatement of liabilities. C.an overstatement of stockholders' equity. D.All of these.
What is a comprehensive income? Identify and discuss the items in the income statement that relate...
What is a comprehensive income? Identify and discuss the items in the income statement that relate to comprehensive income after net income is calculated.
What is comprehensive income? How is it related to an individual’s command over resources? Why would...
What is comprehensive income? How is it related to an individual’s command over resources? Why would a comprehensive income tax eliminate the need for a separate tax on corporate income? What distortions are introduced by a general tax on comprehensive income?
A journal entry to record a payment on account will include a A. debit to Accounts...
A journal entry to record a payment on account will include a A. debit to Accounts Receivable. B. credit to Accounts Receivable. C. debit to Accounts Payable. D. credit to Accounts Payable. can u explain to me why not the D answer?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT