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What is the difference between profit making accounting and not for profit making accounting?
The difference between profit making accounting and not for profit making accounting is, that question should answer itself! 8^0
What is non trading concern?
An legal and accounting organization which serves the whole community there purpose is non profit earning.
What is the difference between cash accounting profit and loss and accrual accounting profit and loss?
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
What is the Importance of accounting informationfor a business entity?
accounting information allows a business entity to be able to ascertain its total income and its total expenditure and to be able to know if it is making a profit or loss as the prior motive of any organization or business entity is to maximize profit
What does controllable profit mean?
Controllable profit measures managerial performance Divisional profit measures divisional performance.
What managerial assessments may you make about an organization that has a profit and negative cash flow in the same accounting period?
What managerial assessments may you make about an organization that has a profit and negative cash flow in the same accounting period?
What managerial assessments can you make about a company that has a profit and a negative cash flow in the same accounting period?
There are many managerial assessments you could make about a company that has a profit and a negative cash flow in the same accounting period. You could say that there is an error or that temperature changed dramatically for example.
Why is the study of accounting important?
it is important because accounting allow us to monitor the profit of the business
The concept of competitive advantage is as important for non-profit organizations as it is for profit organization?
The concept of competitive advantage is as important for non-profit organizations as it is for profit organization?
How do you calculate how many rooms a hotel needs to sell to have the profit before tax or EBT in managerial accounting?
Calculating how many rooms a hotel needs to sell to have the profit before tax or EBT managerial accounting depends upon a few factors. The are in which the hotel is located, the amount per sale of each room, the taxes being taken, and the promotion of such sales.
What is the relationship between cost accounting and managerial accounting?
Financial accounting relates to the information presented based on past events and records. Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet... Financial accounting relates to the information presented based on past events and records. Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet... Financial accounting reports are in standard formats which are worldwide accepted , where as Cost accounting reports are in the format as required by the management
Why study accounting in depth?
Because accouning application is very broad and provides lots of job apportunities. accounting is used in - Non profit organization - Profitable organization - Private organization - Public organization accounting provides excellency and furnishes the management of the organization with sound decision making tools. Sayed Azim Shah Finacial Advisor
What is the difference between profit making accounting and not for profit making accounting?
The difference between profit making accounting and not for profit making accounting is, that question should answer itself! 8^0
What is non trading concern?
An legal and accounting organization which serves the whole community there purpose is non profit earning.
What is the difference between cash accounting profit and loss and accrual accounting profit and loss?
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
Is economic profit always less than accounting profit?
No economic profit is not always less than accounting profit; However, if accounting profit is less than economic profit the business would exit the industry.
Is economic profit equal to accounting profit?
no
