which of the following is not a role of accounting in business? course hero

Which financial statements are usually prepared for a business?

4 financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The statement of owner's equity (OE), the balance sheet (B), and the income statement (I) are prepared in a certain order to obtain information needed for the next statement.

What type of account type and normal balance of accumulated depreciation?

To verify that the debits and credits balance Deferred expenses have Not yet been recorded as expenses The account type and normal balance of Accumulated Depreciation is Asset, credit Which of the accounting steps in the accounting process below would be completed last? Preparing the financial statements

What is the process of initially recording a business transaction called?

The process of initially recording a business transaction is called Journalizing The classification and normal balance of the drawing account is Owner's Equity with a debit balance Expenses can result from: Consuming services Which of the following entries records the billing of patients for services performed?

What type of accounts should the bookkeeper record for utility bills?

The bookkeeper should Accounts Receivable, debit; Fees Earned, credit Which of the following entries records the receipt of a utility bill from the water company? debit Utilities Expense; credit Accounts Payable The adjusting entry to adjust supplies was omitted at the end of the year.

What is a trial balance?

Trial Balance. A trial balance is a list of accounts and their balances at a given time. The primary purpose of a trial balance is to prove (or check) that the debits equal the credits after posting. If the debits and credits do not agree, the trial balance can be used to uncover errors in journalizing and posting.

How to post a journal entry?

1. In the ledger, in the appropriate columns of the account(s) debited, enter the date, journal page, and debit amount shown in the journal. 2. In the reference column of the journal, write the account number to which the debit amount was posted.

What is a complete entry in a journal?

A complete entry consists of (1) the date of the transaction, (2) the accounts and amounts to be debited and credited, and (3) a brief explanation of the transaction. Simple Entry.

How many financial statements are there in a business?

balance sheet. Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The statement of owner's equity (OE), the balance sheet (B), and the income statement (I) are prepared in a certain order to obtain information needed for the next statement.

What was the balance in the office supplies account on June 1?

The balance in the office supplies account on June 1 was $5200, supplies purchased during June were $2500 and the supplies on hand at June 30 were $2000. The amount to be used for the appropriate adjusting entry is. $5700. A business pays weekly salaries of $20000 Friday for a five day week ending on that day.

How much was the Office Supply account in January?

The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the supplies on hand at January 30 were $2,000. The amount to be used for the appropriate adjusting entry is. $8,000.

What is accounting in business?

Accounting is the recording of financial transactions of a business or organization. It also includes the process of summarizing, analyzing and reporting these transactions -given a method- in financial statements. The financial statements that accountants create provide critical information for many key people such as managers, stakeholders, and the corresponding agencies of the government.

What is accounting in accounting?

Explanation: Accounting is the recording of financial transactions of a business or organization. It also includes the process of summarizing, analyzing and reporting these transactions -given a method- in financial statements.