missfabulous
Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Join our platform to connect with experts ready to provide precise answers to your questions in different areas. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

when calculating the cash account, which of the following must be subtracted

Sagot :

olayemiolakunle65

Answer:

Profit (or Loss) =  Total Income - Total Expenses

Explanation:

Cash accounts deal with transactions that involves cash basis, not accrual basis. Thus there would majorly be cash inflows and cash outflows, which can be referred to as income and expenses respectively.

In calculating the cash account, subtract the sum of all cash outflow (expenses) from the sum of all cash inflow (income).

i.e   Profit (or Loss) =  Total Income - Total Expenses

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.