Tag: need for adjustments

Which of the following accounts would be closed by transfer to the trading and Profit and Loss account at the end of a period?

Which one of the following statements is correct?

Adjusting entries are essential to _______________.

Outstanding salaries are shown as ________________.

Mr. A had a beginning credit balance of Rs. 21,000 in his capital account. At the close of the period his drawing account had a debit balance of Rs. 2,200. On the end -of -period balance sheet, his capital balance is Rs. 32,000. If the contributed an additional Rs. 2,000 to the firm during the period, the period's net income is  _____________.

Closing stock in the Trial Balance implies that.

____________ are those entries which are passed at the end of each accounting period for the purpose of adjusting various nominal and other accounts so that true net profit or loss is indicated in profit and loss account and the balance sheet represents a true and fair view of the financial position of an enterprise.

In case of final accounts of manufacturing concerns closing stock of finished goods appears in __________ & ____________.

While preparing final account, to record closing stock which of the following adjustment entry will be passed?

In the case of continuing business we are required to pass an entry in the journal to brought forward all assets and liabilities as appearing in the books on the last day of the previous year. This entry is known as.