Question one: 100 marks (25 each): The financial statement columns of the worksheet for The Kunafah...

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Question one: 100 marks (25 each): The financial statement columns of the worksheet for The Kunafah Spoonat December 31, 2017

business accounting

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Answer 1

Answer #1

TEMPORARY ACCOUNTS

Temporary accounts are those accounts which are not carried forward from one period to another, rather they are closed and transferred to a permanent account. A temporary account, because closed at the end of the year, opens with a zero balance the next year. From the question, items of income statement i.e. Service revenue, advertising expense, depreciation expense, insurance expense, rent expense, salaries and wages expense and supplies expense are all temporary accounts and should be transferred to Profit and Loss account.

PERMANENT ACCOUNTS

Unlike temporary accounts, permanent accounts are not closed at the end of each year. Their balances are carried forward to the following year. all The balance sheet items are permanent accounts

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Answer 2

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Question one: 100 marks (25 each): The financial statement columns of the worksheet for The Kunafah...

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