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Trading Securities: held with the intent of being sold for one month.
-Available-for-sale Securities: held with the intention of being sold sometime in the future. If these are sold
within one year or during the operating cycle they are considered as current assets and anything else would be
long-term assets.
-Held-to-maturity Securities: held with the intent to sell at the point of maturity.
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Difference between verification and valuation as per audit basis?
verification is nothing but the existence, ownership & title of assets where as valuation is the correct value of the assets & liabilities at the date of the balance sheet
What are post balance sheet items?
Post balance sheet items are those items which arise after closing date of balance sheet that's why called post balance sheet items.
What information is entered on the third line of the heading of a balance sheet?
The date The first is the person/ company who you are doing the balance sheet for, and the second is the title "Balance Sheet"
Deffination of balance sheet?
balance sheet is that statement which shows company performance from it's inception to till date.
Why balance sheet prepared?
Balance sheet is prepared to show the overall performance of business from it's inception to till date.
What is a balanced sheet?
Balance sheet is a financial statement. Which shows the total assets, total liabilities and total owner equity a firm has. Further more, balance sheet shows a firm's financial position on a specific date. Balance sheet has an equation: Assets = Liabilities + Owner Equity.
What is the Primary purpose of the balance sheet?
Primary purpose of balance sheet is to show the overall performance of business from inception to til date.
What is purpose of balance sheet?
Main purpose of balance sheet is to show the overall performance of business from it;s inception to till date.
The amount of the adjusted balance appearing on the bank reconciliation as of a given date is the amount that is shown on the balance sheet for that date?
True
Impontance of balance sheet and profit and loss statement?
balance sheet show the financial position of the any business entity from beginning to up to date.
What is the financial statement that reports accounting data at a specific date?
balance sheet
Which financial statement that reports accounting data at a specific date is the?
Balance Sheet
