(A) Answer the following questions in only 'one' sentence eac
(1) What is trial balance'?
(2) What is 'entrance fees'?
(3) What is 'qualified acceptance'?
(4) When is gain ratio required to be calculated ?
(5) What is the formula for calculating gross profit ratio?
Answers
Answer:
1. Atrial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance.
2.An entrance fee is a sum of money which you pay before you go into somewhere such as a cinema or museum, or which you have to pay in order to join an organization or institution.
3.In contract law, an assent to an offer that is either conditional or partial and alters the offer by changing the time, amount, mode, or place of payment.
4.Gain ratio is required to be calculated in case of retirement of partner, when goodwill is raised equal to share of retiring partner and written off.
5.The formula for calculating the gross profit ratio is: gross profit divided by net sales x 100. The gross profit is the cost of goods sold minus the total net sales figure.