Financial Accounting

Do you need suspense account practice questions? Here, I will give you some practice questions for practice.

The accounting cycle comprises of eight collaborative steps. They are:Identifying and analyzing the transactions Recoding these transactions into the general journal Posting to the General Ledger Preparing a trial balance Making adjusting entries Preparing an Adjusted Trial Balance Preparing financial statements Closing accounts

When a sole proprietor or the business owner withdraws assets such as goods or cash from business for his personal use, accounting termed it as ownerโ€™s drawing.

Variable cost varies with the level of output while fixed cost remains fixed at any level of production output.

Reversing entries in accounting records at the beginning of an accounting period to cancel out or reverse the effects of adjusting entries of preceding accounting period.

A business transaction (selling or buying a thing) that does not involve cash is called non-cash transaction.

You know you can prepare your income statement in just a click. In ADโ€™s income statement template, you just have to put your figures and you will get your income statement in a minute.

Cash Flow Statement Template

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Cash Flow Statement template by Accounting Drive
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