Accounting Study Set 8
Quiz 2 :
Comment the ethical behivour of the G: No, Behavior of Gil is not professional. If the trial balance totals are not equal then it means an error has occurred. Inc. such a case it is necessary to find out the error and correct them. Adjusting the difference to miscellaneous account is unethical and un professional as -: 1. It would result in misstatement of financials; 2. It would overstate the expenses; 3. It would report incorrect profits/ Losses of the businesses.
1. Ledger Accounts are given below -: 2. The journal entries are given below -: In the books of PS Music Journal entries for the month ended on Apr 30, 2014 Page 1 2 3. Preparation of T- accounts along with their balances 4. Unadjusted trial balance is given below -:
An account is part of an entity's accounting system in which increases and decreases are recorded to keep track of each change in the accounting equation. A ledger is a group of accounts for a business entity in which all the accounts are listed as they would show on the company's financial statements.