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What formula in Excel that reminds of expense report for accountant?
There are a lot of formulas that can be used in an expense report for an accountant. There are many functions that can be used in them, with the SUM function being the most obvious one.
What entry should be made against Chartered Accountant related expense?
salaries
How can accountant record interest payment?
An accountant can record an interest payment by making a journal entry that debits the interest expense account and credits the cash or bank account. This reflects the outflow of cash and recognizes the cost of borrowing. If the interest is accrued but not yet paid, the accountant would debit the interest expense and credit an interest payable account instead. This ensures that the financial statements accurately reflect the company's financial position.
What is your major if you an accountant?
If you are pursuing the career as an accountant, your major would be accounting.If you are pursuing the career as an accountant, your major would be accounting.If you are pursuing the career as an accountant, your major would be accounting.If you are pursuing the career as an accountant, your major would be accounting.If you are pursuing the career as an accountant, your major would be accounting.If you are pursuing the career as an accountant, your major would be accounting.
What would the journal entry be if a company incurred an expense?
There may be more than one way to record an expense. The easiest journal to think about is when you've used cash to pay for the expense. In that case, you would debit an expense account and credit cash. But, if you've received the benefit of an expense but have not yet paid for it the debit would still be the expense account but the credit would be a liability account. Of course, there are times when cash flows but no expense is recognized such as investments in property, plant and equipment. After that expenditure is made you would recognize periodic expenses in the form of depreciation. That would be a debit to depreciation expense and a credit to accumulated depreciation.
If you are setting up an existing business on Quickbooks what equity account would you use to offset the expense and income accounts?
I use asset accounts. It really depends on your business. Do you have an accountant?
Tax exempt income and expense statements how are they prepared for homeowners associations?
Your association accountant can help you discover this format.
Why organisations need to recognize depreciation expense in the income statement?
Explain the concept of depreciation and why organisations need to recognise deprecations expense in the Income Statement.
Are General Expenses a fixed Cost?
Some general expenses are fixed, meaning that they are the same amount every month, but many are not. When the expense depends on usage, such as electricity, it will not be fixed, but will vary from month to month. An example of a fixed general expense would be a monthly retainer or fee paid to an accountant or lawyer. If the expense is the same amount every month, it is called a fixed cost.
What is the entry when you are paying rent in advance?
When paying rent in advance, the entry involves debiting the Rent Expense account and crediting the Cash account. This reflects that you are incurring an expense for the future period while reducing your cash balance. If you are recording it as a prepaid expense, you would debit the Prepaid Rent account instead of Rent Expense, and still credit Cash. This distinction depends on how you choose to recognize the expense in your accounting records.
What kind of expense is rent expense?
Rent expense is a Revenue expense and not a capital expense. It is a revenue expense because it recurs from year to year and is not an expense in purchasing a fixed asset. It is classified as a revenue expense also because it features in the income statement of each year and following the principle of accruals, the accountant must, make the necessary end of period adjustments to make sure that the the amount of rent expense that should have paid is charged against revenue and not just the actual cash paid.
What is the role of accountant in a woodwork personnel?
There would be no role for an accountant in a personnel department.
