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What are the primary books of accounts?
Primary books of accounts are those books in which business transactions are recorded at first, i.e., journals - special journals as well as general journal.
Why should you keep private and business transactions separate?
In business books of accounts only business transactions are recorded as per Entity concept of accounting business owners and business accounts are two separate entities and two separate entities cannot show transactions in same books of accounts.
What is posting key in sap?
All accounting entries requires Special posting keys to perform any specific kind of transaction like accounts payable entry will use separate posting key while accounts receivable entry will require separate posting key to perform transactions in SAP which insures the transactions in correct ledgers.
When do you use intercompany accounts?
To record transactions between related companies
What general ledger accounts are affected and how by a sales returns and allowances transactions?
it affects the sales tax payable and the accounts receivable.
What are the primary books of accounts?
Primary books of accounts are those books in which business transactions are recorded at first, i.e., journals - special journals as well as general journal.
Why should you keep private and business transactions separate?
In business books of accounts only business transactions are recorded as per Entity concept of accounting business owners and business accounts are two separate entities and two separate entities cannot show transactions in same books of accounts.
What is special about EDI transactions?
EDI transactions are special in that they are used as transactions that are specially reviewed and in case of error occurring. EDI stands for Electronic Data Interchange.
What is special monitoring accounts in banks?
In banking terms special monitoring accounts means those accounts which have to monitors closely beacuse of uncertenity in those account during some speciafic periods or in near future there may be some financial difficulty for there working capital requirements. You can also called 'stress Accounts' as there are some irregularity for paying dues or intrest part of the loans for these accouts and may be these account will goes into an NPA for the banks.
What is the standard system used to record transactions?
chart of accounts
What is posting key in sap?
All accounting entries requires Special posting keys to perform any specific kind of transaction like accounts payable entry will use separate posting key while accounts receivable entry will require separate posting key to perform transactions in SAP which insures the transactions in correct ledgers.
What are the characteristics of final accounts?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
What is the relationship between accounting and history?
In business, accounts are a history of transactions. In life in general, accounts are a history of events.
Define Statement of Accounts?
The transactions history of a person's bank account.
When do you use intercompany accounts?
To record transactions between related companies
Which sequence correctly summarizes the accounting process?
1. Journalize transactions, Post to the accounts, Prepare a trial Balance. 2. Post to the accounts, Journalize transactions, Prepare a trial Balance. 3. Prepare a trial Balance, Journalize transaction, Post to the accounts
Why are T-accounts such a valuable tool for analyzing accounting transactions?
T-accounts are useful in that they combine the functions of both the journal and the ledger into one tool. Since they also present the information in manner that is clean and easy to follow visually, they can be great tools for analyzing accounting transactions, especially transactions that are more complicated and involve multiple accounts.
