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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Depends on the city's tax code.
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Purchase of a fixed asset. Payment of a liability, loan or other debt. Payment of a dividend.
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Source documents are important so we can see what was really happening during any one period of time. If we relay on second hand...
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If I understood the question correctly: Any increase in sales should be met with a similar increase in costs of goods sold, but...
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The debits and credits for ALL the T-Accounts must balance - if you had the same debits and credits to each T-Account, your trial...
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--> another term for Statement of Earnings is Income Statement --> in income statement, you deduct the Sales Return &...
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You would have to ask them for the specific reason, but one would believe it is because management and officers don't care or...
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I am fairly new to the profession. I work for a small firm and tehy are almost pressuring me to move up. If you are competent and...
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Operating Equipment Effectivity
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One reason is that it's old, obsolete product and they're merely trying to dispose of it.
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contribution margin
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A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the...
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To make sure we don't run out of money for continuing operations in the event that doubtful accounts do not pay.
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statistic in accountancy helps in knowing the financial position of the business...it also helps in knowing the amount of goods...
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The most frequent type of report is referred to as the Unqualified Opinion, and is regarded by many as the equivalent of a "clean...
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A Controller will normally have at least an undergraduate degree (bachelors) in accounting. Some very small family owned...
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A Notary Public doesn't get to pick and choose what documents they will notarize or not. If you are a notary and someone has come...
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I think your question is wrong ..or you must have not solved tough questions in which closing stocks do appear in trial balance
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you use "of" with disposed
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Higher risks should produce a higher return; therefore, the rate increases.
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Can not answer this question - reword it.
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as·sump·tion [uh-suhmp-shuhn] 1. something taken for granted; a supposition: a correct assumption. 2. the act of taking for...
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No, bills payables is not a real account but it is a personal account . My answer: Bills receivable is a real account. Bills...
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Yes, if you're unfortunate enough.
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1,000,000/(60-40) = 50,000 units
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ACKNOWLEDGEMENT I would like to express my greatest gratitude to the people who have helped & supported me throughout my...
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I know that first word is Parent
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retail inventory retail inventory retail inventory
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Principle only
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ebidta indicates the cash generated from the operation of the company. this is crucial indicator because if the company is not...
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From another web site: Dr = Debit Record Cr = Credit Record
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Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents...
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Functions performed by a financial system are : Saving function: Public saving find their way into the hands of those in...
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Not sure if it's legal, but generally speaking you don't want to list any personally identifying information on your resume for...
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-Hey, how are you all doing tonight? -We're your emcees -say names -And it's our job to get you guys pumped this evening. -First...
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The Chief Executive Officer of a small coporation will generally have a starting salary in the neighborhood of $60,000 to...
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A trade-in allowance is the amount of money taken off the sale price in exchange for the item being traded in by the customer. It...
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In the double-entry bookkeeping system, Income items are credits and Expense items are debits. Therefore, if you have a loss,...
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just take current assets - current liabilities to obtain working capital. change in working capital is (Year 1 CA - CL) -...
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Gross profit: You want to sell a product at a retail level. You first find a supplier. The item you want to sell for example is a...
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1st 30/60/90/120 days, 2nd by amount in quickbooks, peachtree, or excel
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Total utility(TU)= Average utility multiplied by quantity consumed.
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Vouchers types Payments Receipts Sales Purchases Journals Debit Notes Credit Notes Delivery Challans Goods Inward Goods...
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Selling Price times (1 - Gross Profit % as a decimal) So, if your selling price is $20 and your gross profit is 30%: 20 x (1 -...
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Preference shares have preference over ordinary shares with respect to dividend payments and in the event of liquidation i.e....
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A firm would delay the payment of Accounts Payable because they could use the money to invest in short term investments and earn...
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Kindly refer any book for the answer
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The three basic activities are getting food,movement, and growth.
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If the equipment is purchased on credit (on account) then the net assets will stay the same as the assets will increase by the...
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The term debit comes from the Latin debitum which means "that which is owing". Debit is abbreviated to Dr (for debtor). The term...
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The direct write-off method. For tax purposes, companies must use the direct write-off method, under which bad debts are...
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To calculate profit, you would need to measure the revenues and expenses generated by the business over a given period. You would...
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Yes, this is because they are closed out after each accounting period and start with a zero balance.
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discount revived has Cr balance in a profit and loss a/c
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He was a great mathematician.he is known for fabonacci number,fabonacci prime and many more.
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Something that relay doesn't pop up at the end of the month. Like A Emergency or smothing like that. That's why we use it.
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Purchase expenses are those expenses which are incurred at the time of purchase of anything, like - Auto rikshwa's bill means...
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Bank Reconciliation is prepared to know differences between bank book and passbook, when we do the bank reconciliation will get...
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fixed and variable costs.. = all overheads fixed: salaries in some cases some supplier buills variable: petrol - travel ...
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What conditions would help make a percent-of-sales forecast almost as accurate as pro forma financial statements and cash budgets?
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if u want to become an accountant u need to have a good math background. Subjects that u need in high school should include: math...
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fifo
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Industry-specific means pertaining or relating to a specific industry. Controls, regulations, laws etc. can be industry specific....
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value added tax
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regarding financial mangment
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This is a weird question. Just like concerning any type of job, the answer depends entirely on much more specialized ( and...
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Explain the users of annual report
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The difference between accounting and auditing?"
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The value of the share of stock as it is actually printed on the face of the certificate.
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If you have excel, there are various schedules prepared for you. Assets life spans vary, property is normally 30 years, vehicles...
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Received loan from family members after 3 years family said they don't want their loan back how do i bass my entry in the books...
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A Homogeneous database will have only one DBMS, while heterogeneous databases have multiple DBMS's
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For one, subordinates is not the professional classification for fellow employees of the same team. The team being the business....
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The problem related with this technique are as follow: To many people emplyeed in the decision making process causing long term...
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40 rs for 3 pounds approximately 1 pound = 13 rs. Indian k
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AnswerThe difference between Exchanges and Over-the-Counter Markets is that in an exchange markets buyers and sellers meet in one...
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Treasurers are often the chief financial officers for institutions. They manage an organizations' assets, and are in charge of...
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I'm not an expert, am also looking for more answer about this. What I know so far is that Clean Surplus Accounting is an idea...
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www.investopedia.com Real assets: Physical or identifiable assets such as gold, land, equipment, patents, etc. They are the...
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Whatever you can prove. (Not being sarcastic.)
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Because a prepaid expense is a type of asset. Once you prepay insurance for example. You have an increase in this asset called...
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hOW DO YOU COMPUTE DIRECT LABOR HOURS?
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accounting information system?
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Either pay it or come to an agreement with the company. If you are reconciling a cash account, it means to identify all of the...
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For one, employees can not hold their checks resulting in a long list of outstanding checks on your bank reconciliation.
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The time period assumption divides the economic life of a business into specific intervals that are used in reporting. see also:...
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It really depends on your company environment. If you have a close unit (team) environment, it is probably a good idea. Also, how...
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No. Each entity should have and report under its own EIN.
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If you multiply sales times profit margin, you get Gross Profit. Then you have to subtract Total Expenses to arrive at Net Income...
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No. They are listed as a debit on the asset side of the Balance Sheet.
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What are the Basic Activities of accounting?
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Most security systems involve wiring, monitors and a control panel which would not be removed at the end of the lease, becoming a...
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Revenue is the amount of money that comes in from sales, so "sales" and "revenue" are the same. Turnover is the quantity of stock...
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Chicken Sandwitch with curry < How immature.
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If you Business is incorporated or a entity with it's own tax ID, they must be seperate. If it is simply a sole...
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I see this is a very popular question- so I've expanded the response! First, it isn't a tax question...as this account cannot...
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