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FIN611 Current Midterm Paper Fall 2013 Shared by +..Toxic Alien..+ File 1



on December 28, 2013 at 12:27am
1. What is the difference between Branch And Department Account.
ANS: There is a vast difference between both of them. Both have literally the same meaning,may be
you can call any as a "seperate division",but a branch can have a different geographical location
but a department always exist within the organization and its location is internal to the organization. 
2. Write the presentation of Contra items of financial statement
In financial accounting, a contra asset account always relates to an asset account.
Two of the most common examples of a contra account are the allowance for doubtful accounts and
accumulated depreciation. In most cases, these accounts will not show up on a standard balance sheet,
which is the financial statement that contains all asset accounts. The contra account nets together
with the sum of the related account in order to reduce its balance. The net difference between the
asset account and the contra account is the total shown on the balance sheet for a given period.
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