Welcome to Answerclub.org
Questions | Answers | Discussions | Knowledge sharing | Communities & more.
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Questions | Answers | Discussions | Knowledge sharing | Communities & more.
Give two characteristics of the balance sheet.
The two characteristics of the balance sheet are. Determine the financial position of the enterprise on a specific date The total of two sides of the balance sheet i.e. assets and liabilities should tally with each other, if not so it indicates any possible errors in accounting.
The two characteristics of the balance sheet are.
Determine the financial position of the enterprise on a specific date
See lessThe total of two sides of the balance sheet i.e. assets and liabilities should tally with each other, if not so it indicates any possible errors in accounting.
Define Balance Sheet.
A Balance Sheet is a statement which shows the liabilities, assets and shareholder’s equity of the enterprise. This statement comprises of 2 major groups in which it is categorized, namely, assets, which is classified into Non – Current Assets and Current assets. Current Assets are such assets whichRead more
A Balance Sheet is a statement which shows the liabilities, assets and shareholder’s equity of the enterprise. This statement comprises of 2 major groups in which it is categorized, namely, assets, which is classified into Non – Current Assets and Current assets. Current Assets are such assets which are easily transformed into cash. On the other hand, the Non – Current Assets are such types of assets with the assistance of which the enterprise operates the enterprise.
See lessState the formula to calculate the cost of goods sold.
Cost of goods sold = Sales – Gross Profit Or Cost of goods sold (COGS) = Opening Stock + Purchases + Direct Expenses – Closing Stock
Cost of goods sold = Sales – Gross Profit
Or
Cost of goods sold (COGS) = Opening Stock + Purchases + Direct Expenses – Closing Stock
See lessState the formula to calculate operating profit from net profit.
Operating Profit = Net Profit – Non-Operating Income + Non-Operating Expenses
Operating Profit = Net Profit – Non-Operating Income + Non-Operating Expenses
See lessWhich are the statement that is included in the financial statement?
the two statements that are included in the financial statements are: balance sheet Income statement (trading and profit and loss A/C)
the two statements that are included in the financial statements are:
balance sheet
See lessIncome statement (trading and profit and loss A/C)
State the formula to calculate operating profit from net profit.
Operating Profit = Net Profit – Non-Operating Income + Non-Operating Expenses
Operating Profit = Net Profit – Non-Operating Income + Non-Operating Expenses
See lessWhat do you mean by gross profit?
Gross profit is the surplus of a selling price of a product over the cost of goods sold.
Gross profit is the surplus of a selling price of a product over the cost of goods sold.
See lessWhat is a trading account?
A trading account is a financial statement that shows the result of the purchase and selling of goods and services of an accounting year.
A trading account is a financial statement that shows the result of the purchase and selling of goods and services of an accounting year.
See lessWhich are the statement that is included in the financial statement?
The two statements that are included in the financial statements are: Balance Sheet Income Statement (Trading and Profit and Loss A/c)
The two statements that are included in the financial statements are:
Balance Sheet
See lessIncome Statement (Trading and Profit and Loss A/c)
Define financial statement?
Financial statement is a statement which presents financial profit data and financial status of a company.
Financial statement is a statement which presents financial profit data and financial status of a company.
See less