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How is accounting is said to be political in nature by analysing public interest theory with private interest theory?
Accounting is political in nature as final information from accounting reports has impact on the general public, whether it be a public or private company.
Accounting is political in nature explain how?
It is based on people's self interest therefore it is political
Who is the central interest of accounting?
the central interest of accounting
Is interest paid the same as interest expense?
Interest paid and interest expense are closely related but not identical concepts. Interest paid refers to the actual cash outflow for interest on debt during a specific period, while interest expense is the accounting recognition of that interest cost on the income statement, which may include accrued interest not yet paid. In many cases, they can be the same, but differences can arise due to timing and accounting practices.
How do you Reconcile this bank statement?
To reconcile a bank statement, first compare the transactions listed on the statement with your own records, such as your checkbook or accounting software. Identify any discrepancies, such as outstanding checks or deposits not yet reflected in the bank's records. Adjust your records as necessary, accounting for bank fees or interest earned. Finally, ensure that your adjusted balance matches the ending balance on the bank statement.
Why the balance per the company's statement is often larger than the balance on accounting records?
The balance per the company's statement is often larger than the balance on accounting records due to timing differences, such as outstanding checks or deposits in transit that have not yet been recorded in the accounting books. Additionally, bank fees, interest income, or errors in recording transactions can create discrepancies. These differences are typically reconciled during the bank reconciliation process, which aligns the accounting records with the bank's balance.
What is the purpose of financial accounting?
The purpose of financial accounting is to provide financial statements and financial reports to individuals who require them. This includes preparing a balance sheet, income statement, cash flow and notes. People that use this information usually have an interest in the company due to investment or ownership.
How do you prorate interest?
how do I prorate interest in a closing statement
In accounting interest is usually associated with?
notes receivable
How do you enter the double entry for interest receivable?
To enter the double entry for interest receivable, you would debit the Interest Receivable account to recognize the income that is owed to you but not yet received. Simultaneously, you would credit the Interest Income account to reflect the earned revenue on your income statement. This ensures that both the asset and income are accurately recorded in the accounting system.
How do you record carried interest in accounting?
do carried interest partners have any capital ownership on books
What is the political arm of a special interest group?
the political arm of an interest group?
