0
What is the difference between the two sides of an account called?
Wiki User
∙ 11y ago
Account Balance
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What is balancing of account?
Balancing an account is when you add up assets, liabilities, and owner equity and put them into the equation... Assets = Liabilities + Owner Equity (often called Stockholder's Equity). The reason for doing this is to spot and correct errors. If this equation has equal numbers on both sides, the account is balanced and the accounts are most likely correct (you can still have a mistake with balanced accounts). If it is not equal on both sides, there has has been a mistake and the transactions need to be looked at more thoroughly.
Difference bitwen trail balance and profi and loss account?
Trial balance is the statement which shows the different items in the debit side and creditside of its format and in the end (generally) amounts both the sides would be same. it is prepared to know the mathematical accuracy. its format contains: Particulars-debit-creidit. Profit and loss account is an account which is prepared to find out the netprofit(or netloss) and its usually prepared after the trading account. Format of P&L account is Particulars-debit-particulars-credit
What is the meaning of the 2 sides of a T-Account?
One side is for Debits (left side) and the other is for Credits (right side).
In the buyers records the purchase of merchandise on account would it increase or decrease assets expenses liabilities?
Anything bought on account will have an impact on two sides of the accounting equation. Since we "purchased" the merchandise we are receiving, therefore we will Increase our assets (merchandise), since we purchased this item on "account" we will also increase our liabilities (account payable).
Define wages control account?
Wages control account is an account used in a management or cost accounting system, to record both direct and indirect labour cost. Using the traditional T accounts, it obviously has two sides; debit and credit. Direct labour cost are creditted to the wages control account and has its corresponding entry in the work in progress control account(debitted). Indirect labour cost will also be creditted in the wages control account and the corresponding entry in the production overhead control account.
What is balence?
The balance is the difference between the totals of the credit and debit sides of a financial account.
The difference in voltage between the two sides of a device is called?
Voltage drop.
What is a compound called where there is a slight difference in the charge between its opposite sides?
This compound is nonpolar covalent.
Difference between a hexagon with equal sides and a square?
The amount of sides.
What is the difference between flat faces and sides?
Faces are sides but sides (as in sides of a square) need not be faces.
What is the difference between a pentagon and a rectangle?
How Pentagon and Rectangle Are DifferentThe difference between a pentagon and recangle is that a pentagon has five sides and a rectangle has four sides.
The measure of an angle is the difference between the directions of its two?
arms or sides.
What is the difference between a hectagon and a heptagon?
A hexagon has 6 sides and a heptagon has 7 sides
How can you tell if a shape is symmetrical?
It is equal on both sides so there is no difference between the sides !!
What is a difference between a triangle and a trapazoid?
the difference between a triangle and a trapozoid is that a triangle has 3 sides and corners and a trapozid has 4 sides and corners.Also a triangle is a triangle and a trapoizd is a quadrillateral.
What is the difference between a triangle a rectangle a pentagon and a parallelogram?
The difference between a triangle, rectangle, pentagon, and parallelogram id the number of sides: Triangle= 3 sides Rectangle= 4 sides Pentogon= 5 sides But, a parallelogram, is a polygon that has all sides parael to one another.
What is the difference between the northern hemisphere and the south hemisphere?
The difference is that they are on opposite sides of the earth?
