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.
Simple accounting approach that immediately charges off bad debt.
A budget committee decides on how money is allotted and a budgetmanual 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.
Agourmet burger is more than a typical patty topped with lettuce,tomato, and ketchup. Gourmet burgers go out the way to add toppingsthat are exotic and unique to provide a different flavor twist. Agourmet burger is not available at most restaurants. They can alsobe a tad bit expensive, but most...
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 beevidence that the accounts for the business have been correctlyprepared.
because averyone has to make sacrifices
it is acceptable according to GAAP only in the extraordinarycircumstances when forecasting the amount of work completed to dateis 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 that...
In most cases what makes a company increase it's profits is a good marketing plan to boost sales and business.
You would not be able to justify a deduction that was not anexpense for your business. Without more information this is thebest answer I can give you.
Gross income usually is the money someone or something has earnedbefore any deductions such as taxes, expenses, or promotion hasbeen deducted. If you are receiving money after such expenses havebeen deducted, you are receiving money based on NET income.
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.
Look i'm an expert at buying clothes and being at the store but ihate boring stuff like this
Categorize all assets by type (cash, receivables, equipment).Categorize all liabities by type (accruals, accounts payable, loanspayable). Determine initial investment in business. Difference is "retainedearnings", which is cumulative profit from the start of thebusiness. The above assumes proper...
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 costsis supply/demand. Generally however, a system of minimum wagesexists 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...
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?
what do you mean? a circuit breaker is a device usually used in domestic fuseboxesand appliances, that when a circuit current (amount of amps) ishigher than the current set to the breaker as the trip current, thebreaker will trip, preventing the wire from overheating andpossibly shorting out (see...
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 jobalong with deductions for federal and state taxes that werededucted from your earnings as well as some other items such as401K and Insurance programs you paid for...
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 morethan one year. The budget for these purchases must come from cashon hand to qualify as capital budget expenditures. You must have acapital budget so you can continue to...
A company has a total assets of 10250 dollars and its owner equityis 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
A company that earns zero profit can never grow or obtain loans. It must eventually die off from lack of forward progress.
An S corporation is one that passes corporate income, losses,deductions, and credits to it's shareholders. The shareholders thenlist these ups and downs on their personal income tax returns andare assessed as individuals rather than a company.
L isten twice as much as you speak. E ncourage people to take risks A ssess the facts before making a decision D emand accountability of yourself and others E xpect people to do their best. R espect those "under" and "above" you... S olve problems with action H onor your word. I...
The Income Approachis one of three major groups of methodologies, called valuationapproaches, used by appraisers. It is particularly common incommercial real estate appraisal and in business appraisal. Thefundamental math is similar to the methods used for financialvaluation, securities analysis, or...
It will depend on the country and bank, but many countries requirebanks to maintain financial information for many years, even ifaccounts are closed. Most often these statements can be acquired,often at a fee. If they do not offer such a service, it mightrequire a court order of sorts to acquire...
Centralized function is very important for any org. Which is decentralized in physically but not in practically means one unit in several parts
Paper: 051000017 Electronic: 051000017 Wires: 026009593
There is a way to check the fees paid to the Saudi governmentonline on Iqama account. All you have to do is go online to thegovernment website and follow the link.
No fixed costs do not change where variable do depending on marketand amount ordered among other varies.
Not necessarily. Book value is the basis of the item lessaccumulated depreciation. Book value is rarely the actual cashvalue of an item, any item. Book value has to do with accountingand 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...
Accountants use spreadsheets to collect and analyze data. The typesof spreadsheets that are used in accounting include MicrosoftExcel, Sage and Google Docs.
An Excel spreadsheet would be a good tool to record the use ofbaking supplies.
If you were an employee for a business you will receive a W-2 formno matter what the amount of income that you received. This isrequired 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 isgreater) For a non-profit organisation (eg a Charity) it is Surplus orDeficit.
There are two main categories of sources that generate funds for a commercia bank: 1.Non Deposit Sources of Funds These include: Service fees, Cash handling charges, Panelties and Interests etc. 2.Deposit Sources of Funds These include: Current accounts, Saving accounts and Term deposits etc. ...
Adjusted net income refers to the process of making changes to netincome to reflect uncollectible accounts or other unrealizedmonies. Business have to make adjustments to ensure theirfinancials 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.
Debit Job account Credit disbursement account
You should take a survey course, such as an introduction to contemporary business. Others might include, accounting, business law, small business management, organization and management, marketing and advertising, and economics. You should also think about, English composition, dynamics of speech...
An inventory that assumes that the first items purchased (first in) were the first items sold (first out).
It will increase the profit with 45000 whileincrease in cash of 65000 while reduce in land of 20000.
Fixed costs are paid regardless of the level of production;machinery, buildings, overhead costs of support employees. Variablecosts are related to the production process, such as the power usedfor running the machines, labour costs for making things, transportcosts for shipping the goods.
if sales revenue is provided instead of unit price then breakevenpoint can be determine by deducting variable costs from salesrevenue and so on dividing fixed cost with contribution margin.
Dissolution of partnership means the shut down of partnershipbusiness and sale of all assets of business and clearance of allthe liabilities of the business.
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.
There are many formulas you can use in a budget. The most useful formula to use in a budget is the SUM function. If you have your expenses listed in column C, rows 5 through 34, you would use the formula =SUM(C5:C34) to find the total of that expense column. An interesting use of a budget is...
The setting of accounting standards and best practices is notpolitical in nature. It is intended to ensure integrity andconsistency throughout the profession.
it improve the capitalbase in banking industry and also build courage for the depositor and investor. it improve the capitalbase in banking industry and also build courage for the depositor and investor
There are 3 factors that combine to define capitalization. Thefirst is the total amount of a corporation's stock, the second isthe company's long-term debt, and the third is the company'sretained earnings.
Many possible reasons, a few of which are: 1) Negative outlook for that sector, thus market believes increases are anomalous, 2) Company is taking on new debts, 3) Company is not reinvesting those profits in a way which will promote eventual growth 4) Increased profit created by a one time deal/ or...
*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 not...
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 managescost-related environment activity.
Drawing are the resources which are taken by the owner of the business for his personal use.we usually deduct the drawings from the capital.
As these are part of works in the main contract and to be tenderedout to other parties, the Main Contractor shall be paid a smallpercentage say 2-4% for profit and attendance of the PC sum itemsallocated by the Client. Further more, the Main Contractor shallstill be liable to coordinate the said...
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What are the various tools and techniques of motivation
Accounts Payable is a liability. Accounts receivable is an asset.
Select Disputed Only from the Disputed drop-down list, then in theTransaction Amount fields, select the greater than symbol, and type500
if I was you guys I would study maths further-maths economics and if you want to be come a investment banker like me you should know economics GOOOD LUCK
Debit Accrued Interest Expense Credit Accrued Interest Payable
Answer . \nDutch 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 Uequals cost per unit. F is fixed cost, V is variable cost, and U isnumber of units produced.
$15,100 . 25,000 - 1,900 = 23,100 [total depreciation after 7 years] . 23,100 / 7 years = 3,300 per year [amount of depreciation each year] . 3,300 per year * 3 years = 9,900 [amount of depreciation after three years] . 25,000 - 9,900 = 15,100 [value after three years of depreciation]