0
How does business transaction relate to the accounting process?
Wiki User
∙ 10y ago
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
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
How do you relate to people?
How you can relate to people can depend on various things, such as hobbies, occupations, and stances on political subjects. You can relate to people by finding similarities in subjects such as these.
How can a firm's security policies contribute and relate to the six main business objectives?
The security policies support a businessÃ?s objectives. It does this mainly by exposing threats like data breaches, out of date software, and hacker threats.
What term refers to the use of money?
Generally speaking a few words relate to the use of money, but not necessarily cash exchanges. The terms of commerce, payments, loans, and buying all relate to the use of money and or currencies.
What does the term HELOC refinance relate to in regards to one's home loan?
The term HELOC refinance relate to something about equity to one's home loan. More specifically, one can learn this in online encyclopedias such as Wikipedia.
Different types of depreciation?
Net basisWhen a depreciable asset is sold, the business recognizes gain or loss based on net basis of the asset. This net basis is cost less depreciation.ImpairmentAccounting rules also require that an impairment charge or expense be recognized if the value of assets declines unexpectedly.[6] Such charges are usually nonrecurring, and may relate to any type of asset. Depletion and amortizationDepletion and amortization are similar concepts for minerals (including oil) and intangible assets, respectively. Effect on cashDepreciation expense does not require current outlay of cash. However, the cost of acquiring depreciable assets may require such outlay. Thus, depreciation does not affect a statement of cash flows, but cost of acquiring assets does. Historical costDepreciation is generally recognized under historical cost systems of accounting. Some proposals for fair value accounting have no provision for depreciation expense. Accumulated depreciationWhile depreciation expense is recorded on the income statement of a business, its impact is generally recorded in a separate account and disclosed on the balance sheet as accumulated depreciation, under fixed assets, according to most accounting principles. Accumulated depreciation is known as a contra account, because it separately shows a negative amount that is directly associated with another account. Without an accumulated depreciation account on the balance sheet, depreciation expense is usually charged against the relevant asset directly. The values of the fixed assets stated on the balance sheet will decline, even if the business has not invested in or disposed of any assets. The amounts will roughly approximate fair value. Otherwise, depreciation expense is charged against accumulated depreciation. Showing accumulated depreciation separately on the balance sheet has the effect of preserving the historical cost of assets on the balance sheet. If there have been no investments or dispositions in fixed assets for the year, then the values of the assets will be the same on the balance sheet for the current and prior year.
How does business transaction relate to 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?
gghj
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?
G
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.
