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What type of account is intercompany?
An intercompany account is a type of account used in accounting to record transactions between two or more entities that are part of the same corporate group or parent company. These accounts help manage and track financial exchanges such as loans, sales, or services rendered between subsidiaries. Intercompany accounts are essential for consolidating financial statements and ensuring that transactions are accurately reflected in the overall financial position of the corporate group.
What role do public accountants play in the examination of financial forecasts and projections?
The accountants who examine such statements must consider whether the sources of information used by the client are sufficient to support the assumptions reflected in the prospective statements.
How are third party adjustments to patient bills reflected in the financial statements a As an addition to revenue b As a deduction from revenue c As a liability d As an asset?
b
Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though in theory this may be a violation of the accounting concept of?
Consistency
Why does my available credit not add up correctly?
Your available credit may not add up correctly due to pending transactions, fees, or interest charges that have not yet been reflected in your account balance. It's important to review your recent transactions and account statements to understand why your available credit may be different from what you expect.
Why are financial statements useful to employees?
Advantages of Financial StatementsGoals financial statements are supposed to accomplish. The intent of financial statements is to provide information useful in economic decision making. In particular, the data should be useful in making investment and credit decisions. Financial statements should provide a reliable indication of a company's financial position, operating results, and changes in financial position. Also, statement components and categories should aid in decisions. Financial statements may provide information in addition to that specified by authoritative requirements and regulatory groups. Inasmuch as management knows the most about the business, it is encouraged to identify certain circumstances and explain their financial effects on the enterprise.
Why wouldn't every purchase you made be reflected on your account statement?
Not every purchase may be reflected on your account statement because some transactions, such as cash purchases or payments made directly to a vendor, may not go through your bank account. Additionally, there may be delays in processing certain transactions, leading to a lag in their appearance on your statement.
What is off-balance sheet?
Off-Balance Sheet refers to assets and liabilities which are not reflected on the Balance Sheet. The most common would be leased equipment or property. A leased vehicle, for example, is not owned by the company - so the monthly payments are reflected as Auto Expense, but there is no vehicle included as a fixed asset, no Accumulated Depreciation and no Loan Payable. Lease obligations are generally disclosed in notes to the financial statements.
What is an outstanding withdrawl?
An outstanding withdrawal refers to a withdrawal that has been initiated but not yet processed or cleared in a financial account. This may occur during transactions such as bank transfers or checks that have been issued but not yet cashed or settled. As a result, the funds may still be reflected in the account balance until the transaction is completed. It is important to monitor outstanding withdrawals to maintain accurate financial records and ensure sufficient funds are available.
What is the annual gross Revenue for Sprint Corporation?
As of my last update in October 2023, Sprint Corporation was merged with T-Mobile US in April 2020, and its financial results are now part of T-Mobile's overall performance. Therefore, Sprint no longer operates as an independent entity, and its annual gross revenue is now reflected within T-Mobile's financial reports. For the most accurate and current figures, you would need to refer to T-Mobile's latest financial statements.
Why intercompany transactions are eliminated?
If you dont' eliminate intercompany transactions it "grosses up" the income statement. So if you sold inventory in an intercomany transaction and then sold it to a third party you would count (most) of the sales revenue twice and (most) fo the COGS twice. By eliminating the transactions only the ultimate sales price and the entire groups COGS are reflected on the P&L. Similar analysis applies to other transactions.
How is light reflected absorbed diffracted and diffused through a camera?
Light is diffracted and diffused as it enters the lens. Because the lens is not perfectly clear, some light is reflected. As the light strikes the sensor, it is absorbed and converted into electronic information.
