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Business Accounting and Bookkeeping

Parent Category: Business and Industry
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.
go to your bank's website and sign in. There will be a tab with what you are looking for.
A budget committee decides on how money is allotted and a budget  manual is the plan to implement.
Budget committee comprise top managers who draft budget manual and budger calendar, and also review and approve budget for operational departments.
   A  gourmet burger is more than a typical patty topped with lettuce,  tomato, and ketchup. Gourmet burgers go out the way to add toppings  that are exotic and unique to provide a different flavor twist. A  gourmet burger is not available at most restaurants. They can also  be a tad bit...
It depends on: a. How much money you have in your account and b. How you plan on withdrawing the money You can usually withdraw any amount up to the balance in your account. You can do this by just visiting your bank branch and submitting a withdrawal request. But, if you are using an ATM, there...
The source documents upon which the accounts are prepared will be  evidence that the accounts for the business have been correctly  prepared.
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it is acceptable according to GAAP only in the extraordinary  circumstances when forecasting the amount of work completed to date  is not possible.
  Ratio analysis does two things, immediately. The first thing is it allows the company to compare itself with other like companies. If management feels things aren't going well, they can help pinpoint the problem through comparing their ratios with other companies. They may have several ratios...
You would not be able to justify a deduction that was not an  expense for your business. Without more information this is the  best answer I can give you.
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
This should be recorded in the cash payment journal.
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Categorize all assets by type (cash, receivables, equipment).  Categorize all liabities by type (accruals, accounts payable, loans  payable).   Determine initial investment in business. Difference is "retained  earnings", which is cumulative profit from the start of the  business.   The...
Donation A/c Dr. To Cash/Bank A/c Cr.
A debit signifies a decrease in any of 3 instances:  1. A liability: such as Accounts Payable   2. Equity: such as Capital Draw.   3. Revenue: a debit to a revenue account decreases it. 
Without any government influences, the main driver of labor costs  is supply/demand. Generally however, a system of minimum wages  exists which raise labor costs to a particular level.
A common size balance sheet represents financial statements in a vertical ratio comparison form. Meaning, all financial statements can be compared easier and will compare different firms with different levels of income and different levels of assets. The common size BS is in the form of percentages,...
Any negative cash balance represents float. It could represent the total amount of checks outstanding, checks generated and not mailed, or an unreconciled line of credit. Basically, negative cash should be booked as additional accounts payable or an increase in the outstanding borrowing on the line...
Big Winery owns several large oak barrels which it uses to make wine. Which of the following should big use to allocate the cost of the oak barrels when determining the taxes payable for the company?
You W-2 form is not where you will find your adjusted gross income.  The W-2 form is only to report your income from one particular job  along with deductions for federal and state taxes that were  deducted from your earnings as well as some other items such as  401K and Insurance programs you...
The size of the envelope and forms both matters.
When you budget for capital expenditures, you plan to buy assets.  Assets include equipment and property that you expect to last more  than one year. The budget for these purchases must come from cash  on hand to qualify as capital budget expenditures. You must have a  capital budget so you can...
 A company has a total assets of 10250 dollars and its owner equity  is 5000 dollars how much are the liabilities of the company?     assets = liabilities + equity    $10,250 = liabilities + $5,000 --> liabilities = $10,250 -  $5,000 = $5,250   In Personal Finance 
An S corporation is one that passes corporate income, losses,  deductions, and credits to it's shareholders. The shareholders then  list these ups and downs on their personal income tax returns and  are assessed as individuals rather than a company.
Listen twice as much as you speak. Encourage people to take risks Assess the facts before making a decision Demand accountability of yourself and others Expect people to do their best. Respect those "under" and "above" you... Solve problems with action Honor your word. Include others in the process....
The Income Approach  is one of three major groups of methodologies, called valuation  approaches, used by appraisers. It is particularly common in  commercial real estate appraisal and in business appraisal. The  fundamental math is similar to the methods used for financial  valuation,...
It will depend on the country and bank, but many countries require  banks to maintain financial information for many years, even if  accounts are closed. Most often these statements can be acquired,  often at a fee. If they do not offer such a service, it might  require a court order of sorts to...
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There is a way to check the fees paid to the Saudi government  online on Iqama account. All you have to do is go online to the  government website and follow the link.
No fixed costs do not change where variable do depending on market  and amount ordered among other varies.
Not necessarily. Book value is the basis of the item less  accumulated depreciation. Book value is rarely the actual cash  value of an item, any item. Book value has to do with accounting  and taxes, not sales price or actual cash value.
Cost unit is a unit of production, service or time or combination of these, in relation to which costs may be ascertained or expressed. Ex: Toy making: Batch costing, unit of cost: per batch (ex: $500 per batch) Advertising: Job Costing, unit of cost: per Job Hospital: Operating costing,...
Accountants use spreadsheets to collect and analyze data. The types  of spreadsheets that are used in accounting include Microsoft  Excel, Sage and Google Docs.
An Excel spreadsheet would be a good tool to record the use of  baking supplies.
If you were an employee for a business you will receive a W-2 form  no matter what the amount of income that you received. This is  required of them by the IRS.
Correct Answer: not affect total assets.
The contribution margin ratio increases when?
net income 67200 total assets 480000 total equity 230000 and total sales 710000 . what is common-size percentage for the net income
If you own it, yes. If you don't, no.
For a normal business it is Profit or Loss (depending upon which is  greater)   For a non-profit organisation (eg a Charity) it is Surplus or  Deficit.
There are two main categories of sources that generate funds for a commercia bank: 1.Non Deposit Sources of FundsThese include: Service fees, Cash handling charges, Panelties and Interests etc.2.Deposit Sources of FundsThese include: Current accounts, Saving accounts and Term deposits etc.(By:...
Adjusted net income refers to the process of making changes to net  income to reflect uncollectible accounts or other unrealized  monies. Business have to make adjustments to ensure their  financials balance.
An allowance for bad debt is essentially areduction in a bank's accounts receivable . The allowance forbad debt equals the amount of the banks loans that it does not expect tocollect. .
Answer . This is typically not provided as the project has not commenced. However, based upon soft costs a percentage completion can be tallied based upon overall costs in proportion to soft costs only. In order to verify percentage completion from accounting to verify actual hard costs...
  It could be blocked or "frozen because you owe a creditor money.
An inventory that assumes that the first items purchased (first in) were the first items sold (first out).
Fixed costs are paid regardless of the level of production;  machinery, buildings, overhead costs of support employees. Variable  costs are related to the production process, such as the power used  for running the machines, labour costs for making things, transport  costs for shipping the goods...
  Since the notes to the financial statements form part of the financial statements and are a component of financial statements, certain disclosures found in the notes may not be found in the balance sheet, income statement, statement of retained earnings or statement of cash flows.
The setting of accounting standards and best practices is not  political in nature. It is intended to ensure integrity and  consistency throughout the profession.
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There are 3 factors that combine to define capitalization. The  first is the total amount of a corporation's stock, the second is  the company's long-term debt, and the third is the company's  retained earnings.
*total your income*figure out how much money you are spending.*categorize your expenses to show where your money goes.*determine if your expenses are above or below your income.*reduce expenses in flexible categories to save or increase savings
  No. Ballast Island is a privately owned island with a few homes on it. If you are looking for boat rental or housing look to Put In Bay. Ballast is only a few minute boat ride away, and although you won't be able to go on the island or dock there, you can at least see it. A word of warning, do...
If you have a profit, then yes you have to show the profit.However, make sure you have accounted for ALL of your expenses.
Pennsylvania only requires that a 1099-R be filed with the State. Just keep your 1099-Misc. state copies with your payer copies.
Samsung introduced "environmental accounting," which manages  cost-related environment activity.
As these are part of works in the main contract and to be tendered  out to other parties, the Main Contractor shall be paid a small  percentage say 2-4% for profit and attendance of the PC sum items  allocated by the Client. Further more, the Main Contractor shall  still be liable to coordinate...
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Accounts Payable is a liability. Accounts receivable is an asset.
  == Answer ==     Dutch Mill was a candy shop (like Fannie May). They were all over Chicagoland. I used to go to one in Albany Park on Lawrence Avenue in the 1950's. It also served great ice cream.
Total manufacturing cost per unit formula is F plus V divided by U  equals cost per unit. F is fixed cost, V is variable cost, and U is  number of units produced.
· Here are the questions, I'm really stuck on where to go. Any help would be much appreciated. The company has two buildings including associated land. One building and its land has been dedicated to the fabrication portion of the manufacturing process and the other building/ land plays multiple...
If an adjustment is needed for unearned revenues, the liability is  overstated and the related revenue is understated before  adjustment. Another word for revenue is income.
If you are looking for self-study:   http://www.principlesofaccounting.com/   If you are looking for a college level book to follow:   Crash Course in Accounting and Financial Statement Analysis, 2nd Edition Matan Feldman Arkady Libman ISBN: 978-0-470-04701-9   Accounting Principles,...
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== Answer ==   no, desks would not be considered a leasehold improvement. You are able to remove these items (take them with you when you go)   *****They desk is considered furniture and fixtures and should be depreciated over 7 years, unless you elect to take advantage of section 179.
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Becoming a financial adviser isn't exactly easy, however therewards that draw people into the profession usually aren't enjoyedright away. It can be a hard road, starting with passing yoursecurities exams (such as the Series 7 and 66) which have only beenmade more difficult in response to the...
It depends on whether the client owes you money and what basis of accounting you use. If the client owes you money and you use the accrual basis then it posts as an increase (debit) to Cash and a decrease (credit) to accounts receivable. If they are paying in advance for future work then it's an...
Retained earning does not go anywhere. It is a part of capital  equity which shown in equity section of balance sheet.
The check would first have to be endorsed, that is, signed, by the wife before being deposited. The endorsement is proof that the wife has agreed to this by signing the check over to her husband. An unendorsed check will not be accepted.
Overhaul expense on a second hand machinery is a capital expense, and should be added to the original cast of the asset.
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theyare same, in financial year we earned income.