Best Study Notes » Accounts CPT
Reconciling an account often means proving or documenting that an account balance is correct. In accounting, reconciliation refers to a process that compares two sets of records (usually the balances of two accounts) to make sure they are in agreement
Consignment stock is merchandise which is stored at the one party's location but which is owned by another party. The 1st party in this case will be called the consignee while the 2nd party whose goods have been kept is called as consignor.
Company stock with dividends that are paid to shareholders before common stock dividends are paid out. Pref Shareholders get priority for payment of dividend or in case of liquidation for payment of their capital amount, before the equity shareholders.
Final accounts basically refers to the preparation of the financial statements which are necessary to record all financial transactions and events for a business. IT is a must to enable one to understand how the business has been performing. This video explains the basics of the Final Accounts, though this is not a great video.
A trial balance is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed in the debit column of the
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