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How do accountant treat 1 Cost of goods 2 Selling expenses 3 Extraordinary items 4 Prior period adjustment under all-inclusive concept of income?
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Which college expenses are tax deductible?
There are a few college expenses that are tax deductible. Tuition up to $4,000 can be deducted. Speak with an accountant for more details.
Are dry cleaning expenses tax deductible?
Yes, dry cleaning expenses are tax deductible. If you don't know where to put it on your taxes, ask an accountant.
Journal entry for prepaid expenses?
1.Intial Step when we pay the prepaid Expenses Prepaid Expenses A/c DR Bank A/C CR 2.Later on adjustment in our books Expenses A/c DR Prepaid Expenses A/C CR
What do you understand of chartered accountant trainee job role?
The duties for a chartered accountant trainee job would include but are not limited to working with a Senior accountant, handling income expenses, payroll, accounts recievable/payable. Equips you to provide a range of assurance and business services for a wide range client base.
Distinguish between the two categories of adjusting entries and identify the types of adjustments applicable to each category?
Deferrals are either prepaid expenses or unearned revenues. Adjustments are made for deferrals to record the portion that represents either the expense incurred or the revenue earned. An adjustment for prepaid expenses increases an expense and decreases an asset account. An adjustment for unearned revenue increases a revenue account and decreases a liability account. Accruals are either accrued revenues or accrued expenses. Adjustments are made for accruals to record revenues from services performed that have yet to be collected. An adjustment for accrued revenues increases an asset account and increases a revenue account. An adjustment for accrued expenses increases an expense account and increases a liability account.
Definition to extraordinary expenses?
An extraordinary expense would be one that is unusual and extravagant. It is something that you normally would not buy.
Can you reduce your child support if you have a dependent with extraordinary medical expenses?
yes
What is the accrual basis method?
accrual basis method of accounting is when an accountant records revenues when earned and records expenses when incurred. as opposed to the cash method where an accountant records revenues when received and records expenses when paid.
Duties and responsibilities of an accountant in a restaurant?
An accountant in a restaurant will have many duties. They will track payroll, as well as all of the other expenses and profits of the restaurant.
What are the objective of an accountant?
The objective of an accountant is to keep track and balance the expenses of a business. They may also do other things like accounts payable and accounts receivable.
Which college expenses are tax deductible?
There are a few college expenses that are tax deductible. Tuition up to $4,000 can be deducted. Speak with an accountant for more details.
Are dry cleaning expenses tax deductible?
Yes, dry cleaning expenses are tax deductible. If you don't know where to put it on your taxes, ask an accountant.
Can you get a child support increase for a child with a disiability?
Possibly, if the child has "extraordinary" (i.e., unusually high) expenses.
Journal entry for prepaid expenses?
1.Intial Step when we pay the prepaid Expenses Prepaid Expenses A/c DR Bank A/C CR 2.Later on adjustment in our books Expenses A/c DR Prepaid Expenses A/C CR
What is an adjustment allowed by the IRS?
Moving expenses - Apex
How is an accrued expense adjusted using journal entries?
Adjustment of accrued expenses means to adjust the previously recorded accruals like prepaid expenses or outstanding liabilities etc.
How would you figure your expenses for child support modification if you and your girlfriend share bills?
In general, expenses are not considered when determining child support (except for extraordinary expenses such as very high medical bills). Child support is based on a percentage of net income.
