Meaning of Each Asset and Liability Classification Appearing on a Balance Sheet Define each asset and liability classification appearing on a balance sheet A classified balance sheet...

Cost of a Fixed Asset Determine the cost of a fixed asset Depreciation is the systematic reduction in the recorded cost of a fixed asset. Examples of fixed...

General Purpose Financial Statements Describe general purpose financial statements Financial Statements Definition: Financial statements are a collection of reports about an organization’s financial results, financial condition, and cash flows. They...

The Bad Depts Account Show the bad debts account What are bad debts? The term bad debts usually refers to accounts receivable (or trade accounts receivable) that will not be...

TOPIC 2: CORRECTION OF ERRORS | B/KEEPING FORM 3 Wrong Entries Identify wrong entries An accounting error is a non-fraudulent discrepancy in financial documentation. The term is...

Accounting of Non-Profit Making Organizations Preparation of Statement of Affairs Prepare statements of affairs Certainly, proper accounting is essential for non-trading institutions. These concerns maintain, generally, a cash book...

Meaning of a Budget Define a budget : A budget is a set of interlinked plans that quantitatively describe an entity’s projected future operations. A budget is...