Explain why the Creditors Control account balance and the Creditors list total should be equal. 1.1

Q: What is the best accounting method?

A: Accounting Method: The accounting method is the method used for maintaining the books of accounts of…

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: Prepare the appropriate journal entries for the above transactions for Ayayai Corporation.

A: Ayayai Corporation is Buying Trucks for their Business Let put the Journal Entries for all the three…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

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Q: Explain the revenue recognition principle.

A: Accounting principle:

Q: you agree or disagree upon accounting debits and credits as an information system?

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A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Do the terms 'debit' and 'credit' signify increase or decrease or can they signify either? Explain.

A: Debit and credit are fundamental accounting terms used to record financial transactions in…

Q: Bramble Corporation builds in-home theater systems. Bramble's business is growing quickly.…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Define Debit

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Q: What is the difference between a PL and a balance sheet?

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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