What types of items appear under the assets side?

What types of items appear under the assets side?


Items which appear under the assets side of Balance Sheet are:

Fixed Assets:

* Land,
* Building,
* Machinery,
* Furniture,
* Vehicles,
* Computers

Investments

Current Assets:

* Stock,
* Sundry Debtors,
* Cash Balance,
* Bank Balance,
* Prepaid Expenses
What are adjustment entries? Why are they passed?
Adjustment entries are the entries which are passed at the end of each accounting period to adjust the nominal..
What are the entries to be passed for Preparing final accounts?
Preparing final accounts - a.) Closing Stock , b.) Depreciation ,c.) Outstanding Expenses , d.) Prepaid Expenses, e.) Accrued Income etc.
Why are Profit and Loss Accounts prepared?
Profit and Loss Account is a period statement which is prepared to show the profit or loss incurred by the Organization…
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