Identify different categories of accounts and the rules for debits and credits.
Question:
Identify different categories of accounts and the rules for debits and credits.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
Different categories of accounts in accounting can be classified into five main types 1 Assets These are resources owned by the company that have econ...View the full answer
Answered By
Sandip Nandnawar
I am a B.E (Information technology) from GECA and also have an M.C.M from The University of RTMNU, MH.
I worked as a software developer (Programmer and TL). Also working as an expert for the last 6 years and deal with complex assessment and projects. I have a team and lead a team of experts and conducted primary and secondary research. I am a senior software engg and senior expert and deal with all types of CSE and IT and other IT-related assessments and projects and homework.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Identify three transactions that cause debits or credits to an equity-method investment account.
-
The City of Saltwater Beach established an enterprise fund two years ago to construct and operate Tribute Aquatic Center, a public swimming pool. The pool was completed and began operations last...
-
A legally acceptable ID has which characteristic? a . . residential address b . . valid expiration date c . . serial number d . . city of birth
-
A W. Hopes year ended on 30 June 2011. Write up the ledger accounts, showing the transfers to the financial statements and the balances carried down to the next year for the following: (a)...
-
Preston Enterprises uses the direct write-off method of accounting for uncollectible accounts. On October 12, a very large account was written off. The amount was subsequently recovered on December...
-
Spotted Turtle provides daycare for children Mondays through Fridays. Its monthly variable costs per child are as follows: Lunch and snacks...................................................$130...
-
7. Discuss the differences between the current, temporal, and inflationadjusted current methods for translating the financial statements of acquisitions or divisions located in moderately...
-
Last year, only four of 32 professional sports teams in a new league turned a nominal accounting profit. Betty purchased such a team this year. Her taxable loss was determined to be $ 950,000. Can...
-
Happy Springs Resorts purchased beach chairs worth $ 15,000 on April 1, 2016. The expected useful life is 5 years and the salvage value at the end is expected to be $ 1,000. Productive life in hours...
-
Classify the following accounts as real, personal or nominal: 1. Bank Account 2. Furniture Account 3. Salary Account 4. Cash Account 5. Rent Outstanding 6. Bank Overdraft 7. Capital Account 8. Sales...
-
Analyze the following transactions and pass necessary journal entries: 1. 1st October 2016: Goods sold on credit to SM & Sons for 1,250,000. 2. 1st December 2016: Payment received from SM & Sons by...
-
Do you trust body language? Why or why not? In your own life and interactions do you pay more attention to verbal or nonverbal communication? LO3
-
What's your favourite way to promote and build interpersonalwellness? How do you nurture your relationships? How do you build friendships? How do you show your loved ones that you care? Share your...
-
What is the best way to summary this formation? IMC Communication Objectives Increase from 0% to 75% of Millennials in the Dallas-Fort Worth area, ages 22 - 34, with a four-year college degree,...
-
Branding is very important to marketing, that is while most businesses focus on brands that attract customer's interest. Store brand is unique to a particular store compared to national brand . A...
-
Do you think that your score accurately reflects your global mindset? Why or why not? What, if anything, is missing from the assessment? How do you think that having a higher global mindset will help...
-
Healthcare is an ever-changing industry that requires healthcare organizations to align with those changes or risk being left behind. With the advances being made in technology, every corner seems to...
-
Compute u + v, 2u - v, 3u - 2v, and 0 - 3v if (a) (b) (c) 201 123 123
-
Explain how the graph of each function can be obtained from the graph of y = 1/x or y = 1/x 2 . Then graph f and give the (a) Domain (b) Range. Determine the largest open intervals of the domain over...
-
Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April 1. ClockCo reports a $70,000 NOL for the entire tax year, but $10,000 of the loss occurs...
-
Greiner, Inc., a calendar year S corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a cash distribution of $30,000 from the entity. Chads basis in his stock...
-
Holbrook, a calendar year S corporation, distributes $15,000 cash to its only shareholder, Cody, on December 31. Codys basis in his stock is $20,000, Holbrooks AAA balance is $8,000, and Holbrook...
-
Create a Data Table to depict the future value when you vary the interest rate and the investment amount. Use the following assumptions: Interest Rates: Investment Amounts:-10.0% $10,000.00 -8.0%...
-
Isaac earns a base salary of $1250 per month and a graduated commission of 0.4% on the first $100,000 of sales, and 0.5% on sales over $100,000. Last month, Isaac's gross salary was $2025. What were...
-
Calculate the price, including both GST and PST, that an individual will pay for a car sold for $26,995.00 in Manitoba. (Assume GST = 5% and PST = 8%) a$29,154.60 b$30,234.40 c$30,504.35 d$28,334.75...
Study smarter with the SolutionInn App