What is the difference between amortisation and depletion?
The difference between amortisation and depletion is that amortisation is applicable in the case of intangible assets while depletion is... View Article
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What is the importance of bank reconciliation?
Bank reconciliation helps in identifying any kind of unusual transactions that may have occurred due to fraud or any accounting... View Article
What are the different types of reconciliation?
The different types of reconciliation are: Bank reconciliation Vendor reconciliation Customer reconciliation Business-specific reconciliation Also read: MCQ on Bank Reconciliation... View Article
What are the three methods of a bank reconciliation?
The three methods of a bank reconciliation are: Comparing the statements Adjusting the balances Recording the reconciliation Also read: MCQ... View Article
What are the 4 steps in bank reconciliation?
The four steps in the bank reconciliation process is as follows: Compare the deposits Adjust the bank statements Adjust the... View Article
What are the three types of trial balances?
The three types of trial balances are: Unadjusted trial balance Adjusted trial balance Post-closing trial balance Also read: MCQs on... View Article
What is the difference between trial balance and balance sheet?
The difference between trial balance and balance sheet is that trial balance is not a part of financial statements while... View Article
Does a trial balance include expenses?
Yes, the trial balance contains expenses and expenses are recorded on the debit side. Also read: MCQs on Trial Balance... View Article
Where do salaries and wages appear in the profit and loss account?
Salaries and wages are expenses incurred by the business during an accounting period. Therefore, it has to be shown on... View Article
Is Accounts Payable a debit or credit?
Accounts payable is a liability account and therefore should have a credit balance. The credit balance is indicative of the... View Article
Is loan a debit or credit in trial balance?
A loan can be considered as a debit balance when the loan is given out by the business while it... View Article
What are the rules of trial balance?
The rules for preparing a trial balance are as follows: All the assets must be recorded on the debit side... View Article
Why is it called a trial balance?
A trial balance is called a trial balance because it is the first step taken for the preparation of the... View Article
What is the order of appearance of accounts in a trial balance?
The order of appearance of accounts in a trial balance is as follows: Assets Liabilities Equity Dividends Revenues Expenses Also... View Article
What is included in a trial balance?
The trial balance includes a list of the totals of all general ledger accounts. It contains all the debit and... View Article
What is a trial balance used for?
Trial balance is used to prepare to ensure that entries in a bookkeeping system are arithmetically correct. Also read: MCQs... View Article
Which type of account is depreciation?
Depreciation is a contra asset account. Also read: True and False Questions on Depreciation What Is Depreciation MCQs on Depreciation... View Article
Is depreciation an asset?
Depreciation is an asset or more specifically contra asset. Contra assets are negative assets that reduce the value of other... View Article
What is the simplest depreciation method?
The simplest method of depreciation is the straight-line depreciation method. Also read: True and False Questions on Depreciation What Is... View Article
What is the other name for the reducing balance method?
The other name for the reducing balance method is called the written down value method. Also read: True and False... View Article
