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Business Accounting and Bookkeeping

Business accounting and bookkeeping refers to the act of systematically recording, verifying and reporting business transactions such as purchases, sales, payments and income. The accounting aspect is commonly performed by certified accountants only.

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How can you minimize the risks of outsourcing payroll services?

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Asked by Wiki User

To minimize the risks of outsourcing payroll services, it's essential to conduct thorough due diligence when selecting a provider. Start by researching reputable companies with a proven track record in payroll outsourcing services. Request references and client testimonials to assess their reliability and reputation. Additionally, ensure that the provider has robust security measures in place to protect sensitive payroll data. Establish clear communication channels and service level agreements to manage expectations effectively. Regularly review and audit the provider's performance to ensure compliance and accuracy. By implementing these measures, businesses can mitigate risks associated with outsourcing payroll services and ensure smooth operations.

What is the impact of accounting to the society?

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Asked by Wiki User

Accounting plays a crucial role in society by providing stakeholders with accurate financial information to make informed decisions. It helps maintain transparency and accountability in businesses, governments, and organizations, ultimately promoting trust and confidence in the economy. Additionally, accounting standards help ensure consistency in reporting practices, facilitating comparisons and assessments of financial performance.

What is a theoretical assumption?

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Asked by Wiki User

A theoretical assumption is an underlying belief or proposition that forms the basis of a theoretical framework or model. It guides the development of hypotheses and predictions, serving as a foundation for constructing explanations and understanding phenomena within a particular field of study. These assumptions may not always be directly observable but are essential for shaping research and advancing knowledge.

Full form of dr br ambedkar?

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Asked by Wiki User

The full form of Dr. B.R. Ambedkar is Bhimrao Ramji Ambedkar. He was an Indian jurist, economist, politician, and social reformer who campaigned against social discrimination towards the untouchables (Dalits) and played a pivotal role in the drafting of the Indian Constitution.

What happens when deposits are made to a bank account after year end and the bookkeeping is done for the year and the transaction was put in the books as being made at year end?

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Asked by Wiki User

If deposits are made to a bank account after year-end but mistakenly recorded as being made at year-end, this would result in the financial statements showing incorrect information for that period. To correct this, an adjusting entry should be made in the subsequent period to reflect the deposits made after year-end. This will ensure that the financial statements accurately reflect the timing of the transactions.

What is the essence of budget in the financial administration of a country?

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Asked by Wiki User

Budgeting is a crucial tool in the financial administration of a country as it helps allocate resources effectively, prioritize government spending, and monitor financial performance. It sets out the government's revenue and expenditure plan, guiding decision-making and ensuring that financial goals are met. A well-planned budget facilitates transparency, accountability, and responsible fiscal management.

How would you describe an operating budget?

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Asked by EncofBizandFinance

An operating budget outlines the expected revenues and expenses for a specific period, usually annually. It helps businesses plan and control their financial resources effectively by setting targets and guiding financial decisions. It typically includes details on sales projections, production costs, operating expenses, and profitability goals.

How would you describe double-entry accounting?

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Asked by EncofBizandFinance

Double-entry accounting is a system in which every financial transaction is recorded in at least two different accounts, with one account debited and the other credited. This method ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced at all times. Double-entry accounting provides a more accurate and transparent way of tracking and analyzing financial transactions.

How would you define a standard cost?

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Asked by EncofBizandFinance

A standard cost is a predetermined cost that a company expects to incur in producing a unit of product or providing a service. It is used as a benchmark for evaluating actual costs and performance. The standard cost is based on factors such as historical data, industry benchmarks, and management estimates.

What does dominant themes mean?

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Asked by Wiki User

Dominant themes refer to recurring ideas or subjects that are central to a particular piece of work, such as a book, film, or artwork. These themes often shape the overall narrative or meaning of the work, providing a unifying and prominent focus for the audience to explore.

Explain process of communication?

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Asked by Wiki User

THE COMMUNICATION PROCESSThe communication process consists of a message being sent and received. The message maybe verbal or non-verbal. The same basic principles apply whether humans, animals, other formsof life, or combinations of these are involved. Your challenge, as an instructor, is to not merelycommunicate with your students--but to communicate effectively.Effective communication involves a message being sent and received. Added to this however,is the element of feedback to ensure that the message sent was received exactly as intended. Thisconcept may be illustrated using the three-step communications model

What are the basic assumptions in humanity?

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Asked by Wiki User

Basic assumptions in humanity often include the belief in the intrinsic value and dignity of each individual, the capacity for empathy and compassion, and the potential for growth and development. These assumptions underpin concepts such as human rights, social justice, and the importance of community and relationships.

Is there journals of geophysical prospecting in 1989?

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Asked by Wiki User

Yes, there were journals on geophysical prospecting in 1989. Some renowned journals in the field include Geophysics, Exploration Geophysics, and Journal of Applied Geophysics. These journals cover a wide range of topics related to the methods and techniques used in geophysical prospecting.

You are receiving two goodhousekeeping magazines every month to the same address?

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Asked by Wiki User

It seems like a duplicate subscription issue. Contact Good Housekeeping's customer service to inquire about the second subscription and see if it was a mistake or intentional. You may be able to consolidate both subscriptions into one or cancel the duplicate subscription.

A newspaper ad submitted and published this week with the agreement to pay for it next week How would that be reflected in an accounting journal entry?

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Asked by Wiki User

In the accounting journal, this transaction would be recorded as a liability in the current week when the newspaper ad was submitted and published. It would be debited to Advertising Expense and credited to Accounts Payable. The payment would then be recorded in the following week by debiting Accounts Payable and crediting Cash.

Is nite a real word?

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Asked by Wiki User

"Night" is a real word, but "nite" is often used informally or in casual contexts as a shortened version of "night."

What is subscribed capital?

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Asked by Wiki User

Subscribed capital refers to the portion of a company's authorized capital that has been reserved by shareholders through subscription, but may not have been fully paid in yet. It represents the maximum amount of capital that can be called upon by the company for subscription.

What is purchase journal?

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Asked by Wiki User

A purchase journal is a specialized accounting journal used to record all credit purchases of goods or services made by a business. It typically includes information such as the date of the purchase, vendor name, invoice number, and amount owed. The purchase journal helps track the company's liabilities and expenses related to purchasing inventory or other items.

Uses of journal?

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Asked by Wiki User

Journals are used for personal reflection, goal setting, tracking progress, expressing emotions, and organizing thoughts. They can also be used for academic purposes such as taking notes, brainstorming ideas, and conducting research. Additionally, some people use journals for creative writing, gratitude practice, and self-improvement.

Role of accountants in modern organizations?

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Asked by Wiki User

Accountants play a crucial role in modern organizations by ensuring financial transactions are accurately recorded, analyzing financial data to inform decision-making, preparing financial statements for stakeholders, and ensuring compliance with regulatory requirements. They also help in strategizing for growth and managing risks effectively.

Differentiate between cash discount and trade discount?

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Asked by Wiki User

Cash discount is a discount offered by a seller to a buyer for paying earlier than the due date, whereas a trade discount is a discount provided by a seller to a buyer based on the quantity or value of goods purchased. Cash discount reduces the actual amount to be paid, while trade discount is deducted from the list price before calculating the invoice amount.

The memo format may be used for?

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Asked by Wiki User

The memo format may be used for internal communication within an organization, such as announcements, updates, directives, or requests. Memos are typically brief and to the point, providing information in a clear and concise manner to inform and guide employees.

What is a quad report?

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Asked by Wiki User

A quad report is a detailed summary of a person's academic performance in four classes or subjects. It typically includes grades, attendance records, and any additional feedback provided by instructors. Quad reports are often used by schools to monitor student progress and identify areas where additional support may be needed.

How do you record goodwill?

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Asked by Wiki User

Goodwill is recorded in a company's financial statements only when it is acquired in a business combination. It is calculated as the excess of the purchase price over the fair market value of the net assets acquired. Goodwill is reported as an intangible asset on the balance sheet and is subject to impairment testing annually.

Is Bank Reconciliation is a part of double entry system?

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Asked by SiddhantJainfb0004

Yes, bank reconciliation is a part of the double entry system. It involves comparing the balances in a company's records with that of the bank statement to ensure accuracy and consistency. This process helps to identify any discrepancies and errors that need to be corrected.