Prepare the Balance Sheet columns Assets liabilities and equity accounts are

Prepare the balance sheet columns assets liabilities

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Prepare the Balance Sheet columns. Assets, liabilities and equity accounts are the Balance Sheet accounts.
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4. What is a simple worksheet? A simple worksheet is a worksheet that does not show column for adjusting entries. 5. What are real and nominal accounts? Real Accounts are the accounts in the balance sheet which reflects the current and ongoing financial status of the company because they carry their balance forward into the next accounting period. They are namely Assets, Liabilities, and Owner’s Equity. Nominal Accounts are accounts in the Income Statement that are related and associated to losses, expenses, income or gains. They are also called temporary accounts because they are closed at the end of the reporting period to bring them back to zero. 6. In what section of the worksheet where real accounts are extended? Real accounts are extended in the Debit column of the Balance sheet. 7. In what section of the worksheet where nominal accounts are extended? Nominal accounts are extended in the Credit column of the income statement. 8. What comprise the heading of a worksheet? The Worksheet heading is comprise of The Company Name, Title of the report, and Time period of the report documents. 9. What form of an Income Statement is usually used in a Service Concern? Service Concern uses single step or modified single step Income statement. Wherein all costs and expenses are deducted from the income to arrive at “Profit” or “Loss” 10. Define a Balance Sheet. An Income Statement. Income statement is a statement that shows the performance of the business for a given period of time. It shows the summary of Income and Expenses derived from and incurred for a given period. Balance sheet is a statement that shows the financial position of the business as of a given date.
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11. What are the forms of Balance Sheet? Differentiate The Forms of Balance Sheet are Account Form and Report Form. Account Form
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