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Access Online will automatically allocate all office supply transactions to the Purchasing Department's accounting code
Access Online will automatically allocate all office supply transactions to the Purchasing Department's accounting code
The responsibilities of an accounting department are to handle all financial transactions in the organization. These includes bookkeeping, filing returns advising on various monetary policies and so much more.
Simply: allocation of cost to a cost centrehttp://www.answers.com/topic/cost-absorption:Allocation of cost to a product, process, or department using a rational allocation basis. For example, rent expense can be allocated to a department based on square footage.
Recording phase of accounting is to record the transactions into journal after transactions occured.
The branch of accounting which deals with the transactions of inflation.
Accrual Accounting recognizes business transactions when they are occurred not when the related cash is received or a payment is made. Cash accounting is a completely opposite. In cash accounting transactions are recognized only when the related cash is received or paid.
allocate cost arbitrarily
transactions and events
Accounting is the study of finical transactions. Accounting basic equation is Assets= Liabilities + Owner's Equity.
All kinds of transactions, everything, can be done in accounting, however, by virtue of certain limitations, prescribed by statutes, etc., not all transactions need be or should be done in accounting.
What transactions in accounting might not require reversing entries