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When a net loss occurred income summary is?
When a net loss has occurred, Income Summary is: credited and Retained Earnings is debited. What indicates a net loss on the income statement? Net loss, s...
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What are the 3 manufacturing costs?
Manufacturing costs fall into three broad categories of expenses: materials, labor, and overhead. What are included in manufacturing costs? Manufacturing ...
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Is depreciation a long term asset?
Is Accumulated Depreciation a Current or Long-Term Asset? Accumulated depreciation is an asset account with a credit balance known as a long-term contra a...
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How do you record a journal entry for a donation?
For-Profit Accounting Journal Entry In the for-profit world, a company receiving a donated asset will record the donation as a debit to “Fixed Asset” and ...
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What is the difference between realized gain and unrealized gain?
A realized gain is the profit from an investment that’s actually been sold, as calculated by the difference between an investment’s purchase price and sal...
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What is the rule of debit and credit in accounting?
Debits and credits are the opposing sides of an accounting journal entry. Rule 1: All accounts that normally contain a debit balance will increase in amou...
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Why are asset accounts increased by debits?
Debit to fixed assets: Asset balance is increased by the value of the building. Credit to bank loans: Money is borrowed from bank to finance purchase of b...
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What is an escrow account and what is it used for?
When you make your total monthly payment, part of it goes toward your mortgage to pay your principal and interest, and another part goes into your escrow ...
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What is cross posting in accounting?
Crossposting is the act of posting the same message to multiple information channels; forums, mailing lists, or newsgroups. What is J1 in accounting? In t...
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What are posting periods?
Posting periods are used to maintain accounting periods that are open for posting and all closed periods are balanced. This is used for opening and closin...
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