Distinguish between (a) Real and nominal accounts, (b) General journal and special journals, and (c) General ledger

Question:

Distinguish between
(a) Real and nominal accounts,
(b) General journal and special journals, and
(c) General ledger and subsidiary ledgers.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

See More Books

Question Posted: Jan 28, 2012 05:02 AM

See More Questions

Distinguish between nominal and real interest rates. Which is more relevant in making investment and R&D decisions? If the nominal interest rate is 12 percent and the inflation rate is 8 percent,...
Distinguish between nominal wages and real wages. Are real wages today higher or lower than they were in 1990?
Distinguish between real and nominal accounts.
X-Tech Inc. produces specialized bolts for the aerospace industry. The operating cost of producing a single bolt is $2. The company currently sells the bolts for $6/unit. Each time the company...
The blade of a windshield wiper moves through an angle of 90.0o in 0.40 s. The tip of the blade moves on the arc of a circle that has a radius of 0.45 m. What is the magnitude of the centripetal...
How many clock cycles does it take to process an inner product in the pipeline of Fig. 9-12 when used to evaluate the product of two 60 x 60 matrices? How many inner products are there, and how many...
Using the PewSocialMedia dataset, run a regression to analyze the relationship between race (use the recoded race reference group variables) and the number of Facebook friends the respondent claims...
Present Value and Multiple Cash Flows What is the present value of $2,000 per year, at a discount rate of 10 percent, if the first payment is received 9 years from now and the last payment is...
7. Paola Farms, Inc. produces a crop of chickens at a total cost of $66,000. The production generates 60,000 chickens which can be sold for $1 each to a slaughtering company, or the chickens can be...
How could Bill have approached the hiring decision?
Under double-entry accounting, what are the debit/credit relationships of accounts?
Explain the nature and the purpose of (a) Adjusting entries and (b) Closing entries.
Water flows steadily through a pipe of length $L$ and radius $R=75 \mathrm{~mm}$. The velocity distribution across the outlet is given by \[u=u_{\max }\left[1-\frac{r^{2}}{R^{2}} ight]\] and...
List the model assumptions for one-way ANOVA and briefly explain how to assess them.
Remember that a correctly labeled graph requires that you label all axes, curves, and equilibrium point values. The word "calculate" means you must show your work. Assume the market for Good Z is in...
Answer the following questions by writing a paragraph or two in English. (a) [easy] Previously we defined probability as P(A) = Describe a situtation where this fails to produce the correct...
Find f''(x). f(x)=5x-14x- 612x f'(x)=
Simplify. 32-6 3-6
What is a corporation? What is meant by the terms capital stock, limited liability, and double taxation as they apply to a corporation? TK-1
Estimate a range for the optimal objective value for the following LPs: (a) Minimize z = 5x1 + 2x2 Subject to X1 - x2 3 2x1 + 3x2 5 X1, x2 0 (b) Maximize z = x1 + 5x2 + 3x3 Subject to X1 + 2x2 +...
a. What is an investment company? b. What is the difference between an open-end fund and a closed-end fund?
Bad Debts and the Direct Method Prepare the Operating Activities section of the statement of cash flows using the directmethod. Ending Beginning Balances Balances $12,000 2,500 Accounts receivable...
High Fidelity Corporation sells stereos under a 2-year warranty contract that requires High Fidelity to replace defective parts and provide free labor on all repairs. During 2007, 1,050 units were...
The cash account of Delta, Inc., disclosed a balance of $17,056.48 on October 31.The bank statement as of October 31 showed a balance of $21,209.45. Upon comparing the statement with the cash...
Assume that an investment of $100,000 is expected to grow during the next year by 8% with SD 20%, and that the return is normally distributed. Whats the 5% VaR for the investment? A. $24,898 B....
Simpson Ltd is a small IT company, which has 2 million shares outstanding and a share price of $20 per share. The management of Simpson plans to increase debt and suggests it will generate $3 million...
The following are the information of Chun Equipment Company for Year 2 . ( Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated. ) Salaries...

Distinguish between (a) Real and nominal accounts, (b) General journal and special journals, and (c) General ledger

Question:

Step by Step Answer:

a Real accounts are balance sheet accounts not closed to a zero balance in the closing process No...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions