Why do entities divide assets, liabilities, and owners' equity into sub-accounts rather than accumulating data simply as

Question:

Why do entities divide assets, liabilities, and owners' equity into sub-accounts rather than accumulating data simply as assets, liabilities, and owners' equity?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting A Critical Approach

ISBN: 978-1259066528

4th edition

Authors: John Friedlan

See More Books

Question Posted: Feb 26, 2015 10:26 AM

See More Questions

Which change recorded in the liabilities and owners equity portion of a balance sheet represents a source of funds? a. Increase in accounts payable b. Decrease in long-term debt c. Decrease in paid...
Which change recorded in the liabilities and owners equity portion of a balance sheet represents a use of funds? a. Decrease in accounts payable b. Increase in long-term debt c. Increase in paid in...
The liabilities and owners equity for Campbell Industries is as follows: Accounts payable ........$ 500,000 Notes payable ........ 250,000 Current liabilities .........$ 750,000 Long-term debt...
A compound with molecular formula C 17 H 36 exhibits a 1 H NMR spectrum with only one signal. How many signals would you expect in the 13C NMR spectrum of this compound?
In a foreign-exchange market, who are the demanders of currency? In a foreign-exchange market, who are the suppliers of currency?
Find the most boring video you can on YouTube. What makes it so boring? How could it be improved?
The pure shrinkage estimator is defined as $\hat{\beta}_{s}=c \hat{\beta}$, were $0 \leq c \leq 1$ is a constant chosen by the analyst. Describe the kind of shrinkage that this estimator...
The Comparative balance sheets for Karidis Ceramics, Inc., for December 31, 2012 and 2011, are presented on the next page. During 2012, the company had net income of $96,000 and building and...
1) The company issued common stock in exchange for $4,900 cash. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Prepare the appropriate...
Mayur, a hypermarket chain located across India, which attracted customers in the initial stages of its establishment, started losing its customers to its competitors. The management introduced many...
Identify and explain the four things that must be known when a transaction is to be entered into an accounting system.
How should an entity determine the number of accounts it should keep in its general ledger?
Do you think analysts' efforts around the April 2012 Amazon announcement were consistent with the efficient markets hypothesis? Explain your reasoning.
Water of 500C is cooled down to 20C. The process takes place isobarically at 5MPa. Determine the thermodynamic mean temperature of the heat source. Give a formula for a diffuser that describes the...
4) Solve the initial value problem y" - 3y + 2y = 8(t-2); y(0) = 0, y'(0) = 1.
Determine the forces in members BC, BE, and EF. (15P) 4 m 4 m 4 m 5 KN 10 kN 10 kN 5 kN E
4) What is the sum of the forces on these bodies? 5k a) c) 7k 80plf 30' b) 4k 50k N 30k 30' 300# - 80k 45
2) A 78.650 (kg) women is setting inside an airplane that moves 3160 (km) above the sea-level, Determine the weight of the women at this height?
How should we operate a mixed flow reactor so as to maximize the production of R? Separation and recycle of unused reactant is not practical. Under ultraviolet radiation, reactant A of C A0 = 10...
Use nodal analysis to determine voltages v1, v2, and v3 in the circuit Fig. 3.76. Figure 3.76 4 S 3i, 2 A 4A
Liquid argon has a dielectric constant of 1. 5 . What is the speed of an electromagnetic wave pulse through this medium?
This exercise will familiarize you with skill requirements, job descriptions, and salaries for accounting careers. Address: www.careers-in-accounting.com, or go to www.wiley.com/college/weygandt...
This exercise will familiarize you with skill requirements, job descriptions, and salaries for accounting careers. Address: www.careers-in-accounting.com, or go to www.wiley.com/college/weygandt...
Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range on March 1, 2010, by investing $25,000 of their cash savings in the business. A caddy shack was constructed for cash at a cost...
4. Methane burns in air with an equivalence ratio of =0.85, determine the composition of the products: What are the Mass Fractions of each species in the Products?
1. Describe the health and safety requirements of the area in which the installation activity is to take place, and the responsibility these requirements place on the learner 2. Describe the...
1. Which is easier for nucleation in solids, homogeneous or heterogeneous nucleation? What are the common defects present in solid solution (list at least five kinds of defects)? Are the defects...

Why do entities divide assets, liabilities, and owners' equity into sub-accounts rather than accumulating data simply as

Question:

Step by Step Answer:

Dividing accounts into subaccounts provides detailed i...View the full answer

Financial Accounting A Critical Approach

Students also viewed these Accounting questions