It is a statement which contain balances of all accounts after all the journal entries has been made. The trail balance have two sides one is debit and the another is credit, the correctness of trail balance is seen when both the sides matches, as debit side total is equal to credit side.
Reconciliation:
Reconciliation is the process to analyze two sides that is debit and credit of an account or a statement in order to eliminate the difference and to match the account or statement. Reconciliation method is used to match the bank,
Consolidation:
The consolidation term is use for the financial statement of the companies. It includes the financial information of all the companies of group. In consolidated financial statement includes the information of subsidiaries companies, associates companies and other.
Financial Statement:
Financial statement is the part of
To complete: The given statement by appropriate term or phrase.
1.
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Chapter C Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
- What is the nominal cost of trade credit if the terms are 4/10, net 45 assuming that customers forego the discount and pay on the 45th day? (365 in year)arrow_forwardWhen would a variance be labeled as favorable? (a) When standard costs are less than actual costs (b) When estimated costs are greater than actual costs (c) When actual costs are less than standard costs (d) When standard costs are equal to actual costs.arrow_forwardGeneral accountingarrow_forward
- What was juniper natural dyes gross profit percentage for this period?arrow_forwardPlease given answer general accountingarrow_forwardA fixture company manufactures products brass products in a small manufacturing facility that has 40 employees. Each employee provides 36 hours of labor per week. Determine the direct materials price variance using the information given in the table. Standard wage per hour Standard labor time per unit Standard number of lbs. of brass $14.4 20 minutes Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the weel Number of units produced during the week Actual wage per hour Actual hours for the week 1.3 lbs. $ 10.75 $ 11 12,051 lbs. 9,000 $ 14.83 1,440 hoursarrow_forward
- Nonearrow_forwardAccounting answer mearrow_forwardWhy does sustainability impact measurement require special approaches? a. Standard measures capture all impacts b. c. Environmental factors remain irrelevant Long-term environmental effects demand unique valuation methods d. Traditional methods work finearrow_forward
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning