Depreciation is charged on the debit side of the balance sheet as it decreases the value of the asset over a period of time. Also see: MCQs... View Article
Depreciation or deterioration cost is recorded to apportion expenses for the period in which a resource is utilized. The journal for devaluation... View Article
Depreciation is anything but an asset since the balances recorded in the accounts don't address something that will create monetary worth to the... View Article
The balance sheet of a business shows the worth of the resources of the business against the worth of the liabilities and the proprietor's value... View Article
In accounting, a depreciation account is a debit balance since it is an expense. And an offset to this is a credit balance for an accumulated... View Article
According to accounting terms, depreciation is characterized as the decrease of the recorded expense of a fixed asset or resource in a deliberate... View Article
A trial balance is a report run toward the finish of a bookkeeping period, posting the closure balance in each general ledger account. For... View Article
One can prepare a trial balance by following the steps mentioned below: Determine the balance of each accounting ledger. Prepare a trial... View Article
Bank reconciliation statements guarantee payments have been handled and cash assortments have been kept in the bank. The reconciliation statement... View Article
Customer's cheques that were deposited but are now being returned because of insufficient funds. Bank fees or service charges for maintaining... View Article
The following steps can help one to prepare a bank reconciliation statement. Identify any uncleared dues. Compare both the debit and credit... View Article
The journal entry for the bank expenses would charge bank service charges and credit cash. The journal entry for a client's cheques that were... View Article
A reconciling item is a contrast between balances from two sources that are being looked at. These things are expressed in account compromise... View Article
A monthly reconciliation statement assists with getting and distinguishing any uncommon and unusual exchanges that may be brought about by... View Article
The main contrast between depletion and amortization is that depletion manages actual property or physical property like land, buildings, and... View Article
Depletion is calculated by: Depletion = Total cost - salvage value/ Total number of estimated units. The expense is calculated by multiplying... View Article
Cost depletion is one of two accounting strategies used to dispense the expenses of extracting natural assets, like lumber, minerals, and oil,... View Article
The base of charging depends on the assets, which are based on the total cost of the asset which includes exploration cost, acquisition cost,... View Article
