Financial Statements
A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.
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ModanskiIf you have any questions let your personnel manager at your store know, who can walk you through the process. if you dont have...
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False. Under the accrual basis of accounting, revenue is recorded when earned, not necessarily when cash is received. Revenue is...
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It is the balance sheet in which the financial information of parent as well as subsidiary company is merged(consolidated) for...
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Financial statements are based on historical costs and as such the impact of price level changes is completely ignored. They are...
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This concept simply implies that the business will continue to operate for the foreseeable future and that it isn't suddenly...
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asset Inventory is a current asset so when the required inventory is utilized the remaining inventory still remain as asset and...
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Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
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non cash charges sholud be deducted while arriving cash from operations in second method or indirect method. these non cash...
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AnswerI have to separate it into to parts. The financial intermedairies which are banks that borrow their customers money and pay...
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It is an equity part of balance sheet when company need capital for its working and if legally firm is eligible to issue shares...
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Yes, repairs are expensed. Only expenditures that increase the capacity or the economic lifetime of the asset are capitalized...
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To calculate percentage growth do the following three-step calculation. Let's say your sales this year were $1 million. Last...
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A financial ratio is a relative magnitude of two selected numerical values taken from a Company's Financial Statements. There are...
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Adoption of international accounting standards is extremely costly. Developing counties usually use accounting standards that are...
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If you get 20,000.00 cas for inventory and get 20,000.00 in inventory what T accounts are affected
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in general, financial reports cannot focus on servicing a single group of users. There is the so-called conflict of interest...
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What are the concepts of financial reporting and financial statement
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Starguy Bangalore == Cultural environment across the countries: Economy plays a big part in the different accounting...
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it is from the income statement and balance sheet
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A debit on sales, while crediting cash means a cash refund to a customer. A sales transaction For a service provider, the...
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Internal rate of return, net present value, accounting rate of return and payback method.
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It is making a situation appear better than it actually is. For example, in the case of a US firm with a foreign subsidiary...the...
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Expectations gap === The expectation gap is the gap between the auditors' actual standard of performance and the various public...
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For basic level of accounting just basic math is required but at advance level like in managerial accounting different topics...
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A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting...
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Revenue expense are costs in the for day to day running of the business for example servicing a machine, spare parts etc. Revenue...
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Net revenue is gross (total) revenue minus returns and any other negative revenue. (Expenses have nothing to do with Net Revenue....
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If it's a trading security the FVA is to the income statement. If it's an Available-for-sale security the FVA is to other...
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how does mr blowhard's scheme affect the amount of income that the company would otherwise report nt it's financial statement and...
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A cash flow statement is basically a statement that explains how the cash will be flowing in to a company. For example...
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When the money for the loan is received it is recorded as cash. Payments are not recorded until the actual payments are sent out....
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operating exepnces = (total admn expences+depreciation(+/- interest and other bank charges)(+/-gross profit))
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Accumulated depreciation is all of the depreciation ever 'accumulated' against the assets currently in service. It is shown on...
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cost sheet is division of three parts like 1.factory overheads,2.administration overheads,3.selling & distribution overhead. ...
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Bose Corporation is a privately held company, and therefore does not file Form 10-Q with thee U.S. Securities and Exchange...
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A Classified Balance sheet classifies assets into categories. These categories typically are: Current Assets · Current assets...
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Trial Balance is a statement showing the closing balances of all the ledger accounts and Balance Sheet is a statement showing the...
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Provide information about the operating ,investing and financing activity of an entity during a period
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Prepaid Rent is a Current-Asset account. Since it deals with "prepaid" it will expire on a regular basis and is not a "fixed"...
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If you r buying a life insurance scheme & paying prm for the same then its a drawing in your books of accounts & not your...
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debit asset and credit asset revaluation
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Capital Improvement is not an expense. Expenses are associated with expenses.Capital Improvements are increase in the assets....
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Net income includes income from operations, discontinued operation sales, extraordinary items, changes in accounting principal,...
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In any screen you can find the help button in the right hand side of the screen. Just click that. A new window appears in that...
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Parallel to the current Financial Crisis of 2008: The U.S. Treasury purchased large amounts of preferred stock in 9 major banks...
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In accounting terms furniture can be consider according to fixed assets, all furniture which can be used for business purpose...
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Here are the advantages of financial planning: It will help you to obtain funding if you need it. It will set out clearly the...
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Paying by cheque is a cash transaction.Assets:debit =increasecredit=decrease
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DR Allowance for Doubtful Accounts CR Accounts Receivable
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Required Net Working Capital = Cash + Account Receivable + Inventory - Account Payable - Accrued Liability
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Trial BalanceTrial Balance is a list of balances extracted from the ledger accounts at the end of an accounting period. Since...
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Financial statements are means through which companies present their financial situation to shareholders, creditors and general...
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Because if the tenant vacates the premisses you are required to return unearned rent. There are complications to that, say if...
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(Quoted from answers.com): Usually a temporary account containing costs or amounts that are to be transferred to another account....
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Beg. Net Fixed Assets - End. Net fixed Assets - Depreciation Expense= CAPEX
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Retained earnings are current year profit and Reserves are allotted the amount from last year profits as reserves.
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You have several components that would cause changes in Cash flow and Net income. The first, and usually most intrusive is the...
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a costing system that does not divide cost by function or allocation or een by each part of the manufacturing process. it takes a...
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GSA on the financial statement means "General, Selling, and Administrative" expenses. These are the expenses associated with the...
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"Do the term financial reporting and financial statement mean the same thing?"
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A MANAGEMENT REPRESENTATION LETTER is signed the management of the company being audited. An AUDIT ENGAGEMENT LETTER is signed...
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The difference is the layout of the statement. Examples are as follows: Single Step Revenues XXX Gains XXX Total Revenue XXX ...
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to collect and account for revenue
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The short answer: Yes, it is a scam. More detailed reviews can be found all over the web.
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Yes, if the computers are used to run (operate) the business in question they are a part of the PP&E on the Balance Sheet.
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Valdes, Abad & Associates Sycip, Gorres Velayo & Co,.Isla,Lipana & Co.Punongbayan & Araullo and Co.
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about 200.00 if in mint condition
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for recording trasaction
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I would think liquidity ratios, cash flow, days in receivables, and inventory turns might be a part of their interests. Lender...
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Due to Related Entities usually represents liabilities to a sister company (common ownership) or a subsidiary, but the...
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A petty cash book is a book of vouchers which are prepared each time a disbursement is made from petty cash. The voucher would...
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Yes. Without cash no company can survive and perform it's activities, cannot produce goods or provide services, cannot pay to...
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Yes, becaseu if they specialise, they can produce 4 statements and 8 phone calls between them in a given ammount of time. if...
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Debit Interest Expense and Credit Bond Payable.
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Understandability,Consistency,Relevance and Reliability:)
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SmartShop's profits have been growing at 5% per year. This year their profits were approximately $500,000. What were their...
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This depends on the type of business you are in. A service business, such as dry cleaning, painters, lawyers, etc, use supplies...
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You can get a copy of "Money for Nothing" at most music shops. Dire Straits did the number in 1984.
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Single entry only records income and expenditure on a cash basis. It does not show how each transaction was made whether it was...
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i dont know the answer
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Pro-Forma financial statements are forecasted statements where the issuer tries to predict levels of operations and the resulting...
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Because net profit is the increase in capital for the period of time, and must be added to capital to reflect its true value.
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NOT being sarcastic... The title of any accounting report is designed to be easily interpreted, so.... it shows the changes...
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Average rateGood luck on the test
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Revenue is calculated as a percent of the total contract revenue according to the percent of completion. The percent of...
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Usually at the end of the financial period. It depends on the regulations of the country as well. In Singapore, companies are...
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Balance Sheet!!maybe some kind of balance that have deposite.and it current only...
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Probably the least known or most misunderstood of any calculation on the auto Dealer's financial statement is the percentage of...
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· In general, an entity's annual turnover means the value of all supplies that are made within a twelve-month period. · ...
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Accountant A person who has the requisite skill and experience in establishing and maintaining accurate financial records for an...
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It depends on the client, the size of the client and on who is requesting them. A set of financial statements for a public...
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Debit - Cash Credit - Additional Paid in Capital (correct name).
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As far as management goes, you might need a statement of cash flows, and an assessment of inventories. You might want to also...
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