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Simply in general terms, the Accounting process is all about Money. And transactions are some kind of statements about transfering money. And accouting deals with these statements to make a final decisions. That's why the transactions are related to accouting processs
Jamison Bechtelar
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Why do you have adjustments in accounting?
You have adjustments in accounting because it is the transactions that they have not journalised yet that relate to the business. So they are items or stock that accountants have not yet put onto the table of the trial balance.
What is the different between trade and non trade account?
Trade accounts are directly linked to core business activity whereas non trade accounts are not. If you are a supermarket, a trade transaction would occur with a supplier, a non-trade transaction could relate to employee benefits.
Where to find the basics of accounting?
Accounting The basic accounting equation is the foundation for the double-entry bookkeeping system. It shows how assets were financed: either by borrowing money from someone (liability) or by paying your own money (shareholders' equity).From the large, multi-national corporation down to the family owned restaurant, every business transaction will have an effect on a company's financial position. The financial position of a company is measured by the following items: 1. Assets (what it owns) 2. Liabilities (what it owes to others) 3. Owner's Equity (the difference between assets and liabilities) The accounting equation (or basic accounting equation) offers us a simple way to understand how these three amounts relate to each other. The accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Equity The accounting equation for a corporation is:For more information please visit www.accountingchum.com
What are the characteristics of a good accounting package?
There are several characteristics in determining a 'good' accounting package, they usually relate to the application, business or use intended for it. Here are some general characteristics: >Easy to use >Can import bank transactions >can generate standard reports >will factor in tax (if applicable) >you can export the data to excel or other packages.
How does the customer invoicing relate to the accounts receivable?
Customer invoices relate to the business as Recievables or income
How does business transaction relate to the accounting process?
Simply in general terms, the Accounting process is all about Money. And transactions are some kind of statements about transfering money. And accouting deals with these statements to make a final decisions. That's why the transactions are related to accouting processs
Why do you have adjustments in accounting?
You have adjustments in accounting because it is the transactions that they have not journalised yet that relate to the business. So they are items or stock that accountants have not yet put onto the table of the trial balance.
What are some of the areas of specialty in accounting?
The two most normal specific fields of bookkeeping practically speaking are Managerial bookkeeping and monetary bookkeeping. Monetary bookkeeping is worried about recording and revealing financial information and exercises of a business. Administrative bookkeeping is worried about giving administration the information important to effectively maintain the business.
What is the different between trade and non trade account?
Trade accounts are directly linked to core business activity whereas non trade accounts are not. If you are a supermarket, a trade transaction would occur with a supplier, a non-trade transaction could relate to employee benefits.
Accounting Standards: Accounting standard are the policy documents. They will be issued by recognised Accounting bodies. They relate to various aspects of measurement, treatment and disclosure of accounting transactions. The purpose of measurement?
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Where to find the basics of accounting?
Accounting The basic accounting equation is the foundation for the double-entry bookkeeping system. It shows how assets were financed: either by borrowing money from someone (liability) or by paying your own money (shareholders' equity).From the large, multi-national corporation down to the family owned restaurant, every business transaction will have an effect on a company's financial position. The financial position of a company is measured by the following items: 1. Assets (what it owns) 2. Liabilities (what it owes to others) 3. Owner's Equity (the difference between assets and liabilities) The accounting equation (or basic accounting equation) offers us a simple way to understand how these three amounts relate to each other. The accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Equity The accounting equation for a corporation is:For more information please visit www.accountingchum.com
How do I go about receiving an accounting degree?
Find a College that offers Accountancy courses.Apply to take the course.Pay the fees.Study hard and complete all your assignments.Pass all the exams.At the end you will be granted an accounting degree.You will be given directions for attending graduation.If you do not attend graduation, contact the College to arrange to collect your degree papers at a convenient time.A Bachelor's degree in Accounting will prepare you for entry into positions with public accounting firms or in positions with private, government, and nonprofit organizations. An accounting degree will provide you with an understanding of business and financial concepts and how they relate to professional accounting. These will include fundamentals such as federal taxation, payroll accounting, auditing, cost accounting, marketing, management, business law and Internet commerce among other subjects.
How does business relate to money?
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What are some good colleges in which to get a degree in accounting?
UWAnswerI would highly recommend an accredited college whose accounting degree course will provide you with an understanding of business and financial concepts and how they relate to professional accounting. The program should also offer certifications in Tax Preparer; Microsoft Office User Specialist-Word for Windows; Microsoft User Specialist-Access; and Internet Commerce/Management.
What are the characteristics of a good accounting package?
There are several characteristics in determining a 'good' accounting package, they usually relate to the application, business or use intended for it. Here are some general characteristics: >Easy to use >Can import bank transactions >can generate standard reports >will factor in tax (if applicable) >you can export the data to excel or other packages.
How does the customer invoicing relate to the accounts receivable?
Customer invoices relate to the business as Recievables or income
What is the accrual concept?
The accruals concept of accounting states that transactions are to be recognised when they occur, and reported in the periods to which they relate.
