Introduction Definition of prepaid expenses Definition of Current assets and Current Liabilities with examples Current Assets or Current Liabilities How to classify prepaid expenses for business owners and financial professionals. Answer the question "is it a CA or CL and don't forget to explain whyRead more
Introduction
Definition of prepaid expenses
Definition of Current assets and Current Liabilities with examples
Current Assets or Current Liabilities
How to classify prepaid expenses for business owners and financial professionals.
Answer the question “is it a CA or CL and don’t forget to explain why”.
Why are they CA and not why CL this question must be answered.
Accounting treatment of prepaid expenses
How prepaid expenses are recorded in financial statements
The impact of classifying prepaid expenses as current assets or current liabilities on a company’s financial statements
Conclusion
Recap of the main points discussed
Importance of proper classification of prepaid expenses for accurate financial reporting
Instructions – you can delete it after done with the answer. Points which can be covered, not necessary to cover all but you can take what you want leave out rest. Introduction: Definition of trial balance Importance of trial balance in accounting Purpose of trial balance: To verify the arithmeticalRead more
Instructions – you can delete it after done with the answer.
Points which can be covered, not necessary to cover all but you can take what you want leave out rest.
Introduction:
Definition of trial balance
Importance of trial balance in accounting
Purpose of trial balance:
To verify the arithmetical accuracy of the ledger
To ensure that all transactions are recorded
To identify any unbalanced entries in the ledger
How trial balance is prepared:
Step 1: Gather all ledger accounts and their balances
Step 2: Arrange the accounts in order of their nature (assets, liabilities, equity, income, and expenses)
Step 3: Total the debit balances and credit balances separately
Step 4: Compare the total debit balances with the total credit balances
Types of trial balance:
Unadjusted trial balance: prepared before adjusting entries are made
Adjusted trial balance: prepared after adjusting entries are made
Post-closing trial balance: prepared after closing entries are made
Prepaid expenses is current assets or current liabilities?
Introduction Definition of prepaid expenses Definition of Current assets and Current Liabilities with examples Current Assets or Current Liabilities How to classify prepaid expenses for business owners and financial professionals. Answer the question "is it a CA or CL and don't forget to explain whyRead more
Introduction
Current Assets or Current Liabilities
Accounting treatment of prepaid expenses
Conclusion
See lessWhy is trial balance prepared?
Instructions – you can delete it after done with the answer. Points which can be covered, not necessary to cover all but you can take what you want leave out rest. Introduction: Definition of trial balance Importance of trial balance in accounting Purpose of trial balance: To verify the arithmeticalRead more
Instructions – you can delete it after done with the answer.
Points which can be covered, not necessary to cover all but you can take what you want leave out rest.