ACCOUNTING COURSES IN CHANDIGARH
ention what are things will not be included in bank reconciliation statement?
In a bank reconciliation statement, following thing can be excluded. ● ● ● ● ● ●
Direct payments made by bank not entered in Cash book Cheques deposited but not cleared Cheques dishonoured not recorded in cash book Wrong debits given by bank Bank Charges or Interest debited by bank Banks direct payment not entered in Cash book
List out some of the examples for liability accounts? Some of the examples for liability accounts â—? Accounts Payable Accrued Expenses Short-term Loans Payable Unearned or Deferred Revenues Installment Loans Payable Current Portion of Long-term Debt Mortgage Loans Payable
Mention what is General ledger account? The General ledger account is an account where the company records all the information for its various expenses and income types into separate accounts. Such that all the debits and credits pertaining to that particular type of transaction can be entered in one place and kept balanced.
What is the general classification of accounts that usually ledger account involve?
The general classification of accounts that usually ledger account involves are ● Assets- Cash, Accounts Receivable ● Liabilities- Accounts Payable, Loans Payable ● Stockholders’ equity- Common Stock ● Operating revenues- Revenues through Sales ● Operating expenses- Rent Expense, Salaries Expense ● Non-operating revenues and gains- Investment Income, gain on Disposal of Equipment ● Non-operating revenues and losses- Interest Expense, Loss on Disposal of Equipment
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