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Which accounting principle requires reporting credit card expense in the same period as its related credit card sale?
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∙ 11y ago
computer tune ham se pooch kar bhut badi galti kari. ham bhut bade jahil hain. this is a answer
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∙ 11y ago
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Describe how an accurral accounting deferent fom cash accounting?
Accrual accounting records an expense/revenue in the period the transaction occurs. Cash accounting recognizes and expense/revenue when cash is exchanged.
What is to expense?
In accounting an expense activity requiring someone to spend money. For instance, paying employees is considered an expense to businesses.
What is the difference between prepaid expense and advance payment?
Prepaid expense is a payment which relevant to services which expected to delivered in the next accounting period, while advance expense is an expense paid in advance for services expected to delivered in the current accounting period.
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
In an accounting classification what does the EEIC represent?
Element of Expense/Investment CodeElement of Expense Identification Code
Describe how an accurral accounting deferent fom cash accounting?
Accrual accounting records an expense/revenue in the period the transaction occurs. Cash accounting recognizes and expense/revenue when cash is exchanged.
In accounting do you depreciate the installation of a fixed asset?
In accounting the "installation" if you are referring to the cost of having something installed is an expense and is recorded as such, that is an operating expense and is recorded as such. Since it is an expense it is not an actual asset, so can not be depreciated.
What is to expense?
In accounting an expense activity requiring someone to spend money. For instance, paying employees is considered an expense to businesses.
What is the difference between prepaid expense and advance payment?
Prepaid expense is a payment which relevant to services which expected to delivered in the next accounting period, while advance expense is an expense paid in advance for services expected to delivered in the current accounting period.
In an accounting classification what does the EEIC represent?
Element of Expense/Investment CodeElement of Expense Identification Code
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
What financial services are offered by IBM Global Expense Reporting Solutions?
IBM Global Expense Reporting Solutions (GERS) offers web-based services that better allow employers/business to track their employees travel and expense costs.
Where can one find expense reporting software?
You can buy expense reporting software from online stores or directly from the supplier. If you prefer the hands on approach, you can visit stores like walmart or staples.
What are examples of matching principle in Psychology?
After closing the financial statements for the year, you, the accountant for a medical center have found that an invoice for $1500.25 was not recorded or paid during the year. Shoud you revise the financial statements to reflect the additional expense? why or why not? Which accounting principle does the above transaction represent?
What is rent and rates as in accounting terms?
Rent in accounting terms refers to a recurring expense that you plan for. Rate refers more to something that results in a debit on expense, but a credit on payables.
What guidelines might the GAAP have for revenue recognition and expense reporting?
According to Generally Accepted Accounting Principles (GAAP), revenue should be recognized when the four criteria are met:Performance has occured.The amount of revenue can be reasonably measured.The cost required to earn the revenue can be reasonably measured.Collection of payment is reasonably assured. * In class our prof taught us an acronym to help us remember it:CRAP - cost is measurable; revuenue is measurable, assurance of collection; performance has occured.In terms of expense reporting, following the matching principle, expenses should be recorded/reported in the same period as the revenue it helped to earn.
What is discount allowed classified as in accounting?
It is classified as an expense to the trader.
