Determine the missing amount for each separate situation involving

Q: Discuss the THREE uses of Trial Balance  and by providing example for each use of Trial Balance?

A: A trial balance is a schedule in which total of debit column is always equals to credit. If there is…

Q: How does Recognition Criteria answer the two questions 1) when should an event be recorded? AND 2)…

A: Under IFRS 15 and Topic 606 under US GAAP have laid down criteria for revenue recognition. There are…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: What approaches might be used to decide the sequence in which to allocate support departments when…

A: Different approaches can be used to decide the sequence to allocate support department while using…

Q: Describe the different approaches of expense recognition.

A: Expenses are being recognized when the revenues and relevant expenses are matched for the same…

Q: escribe a subsequent eve

A: A subsequent event is an event that take place after the balance sheet date but before before the…

Q: Define sacrificing ratio.

A: Definition of Sacrificing Ratio:Sacrificing ratio is the ratio where the old partner give their…

Q: Explain the difference between the two types of subsequent events.

A: Subsequent events refers to events which occur after the end of reporting period but before…

Q: Briefly explain the concepts of temporary difference and permanent difference

A:

Q: Differentiate between an originating temporary difference and a reversing difference.

A:

Q: Define receivables and understand issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Describe the accounting for correction of errors.

A: The accounting for correction of errors will be explained:

Q: Explain an example of deferred expense.

A:

Q: Define Deferred Payments.

A: Liabilities:   Liabilities are referred to as the obligation of the business towards the creditors…

Q: describe the main differences between Vertical and Horizontal Analysis.

A: Vertical Analysis: In financial statements, vertical analysis refers to the approach of assessing…

Q: Explain what accruals and deferrals do and give examples of each.

A:

Q: How does the computation of equivalent units under the FIFO method differ from thecomputation of…

A: Equivalents units for production: The activity of a processing department in terms of fully…

Q: describe diff erent types of assets and liabilities and the measurement bases of each

A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is