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What is the inventory system in accounting?
Inventory system is more likely recorded in the Balance Sheet section in accounting. It will not be at the Profit and Loss section.
Are Bondholders the internal users of company's accounting information?
Generally bondholders would be external users of financial information. Prudent investors would most likely look over a company's external financial statements and disclosures before purchasing bonds from the company.
What are the typical responsibilities of an accounting manager?
An accounting manager, who generally is required to have at least a BA in Accounting, Finance or Business, likely will report to the CFO of a company. While there are various types of accounting managers, in most cases they are responsible for overseeing the accounting staff across the various accounting areas and making certain that the appropriate financial documents are prepared and completed with integrity, security and in a timely fashion in compliance with state and federal regulations.
What are the Advantages and limitation of financial accounting?
Accounting has many advantages: Provides financial information about the business Provides assistance to management Helps in comparison of financial results comparison of its own results of different years comparison of financial results with other firms in the industry Helps in decision making Accounting information can be used as an evidence in legal matters Helps in valuation of the business Following are the limitations: Financial accounting permits alternative treatmentsAccounting is based on concepts and it follows " generally accepted principles" but there exist more than one principle for the treatment of any one item. This permits alternative treatments with in the framework of generally accepted principles. For example, the closing stock of a business may be valued by anyone of the following methods: FIFO (First-in- First-out), LIFO (Last-in-First-out), Average Price, Standard Price etc., but the results are not comparable. Financial accounting does not provide timely information It is not a limitation when high powered software application like HiTech Financial Accenting are used to keep online and concurrent accounts where the balance sheet is made available almost instantaneously. However, manual accounting does have this shortcoming. Financial accounting is designed to supply information in the form of statements (Balance Sheet and Profit and Loss Account) for a period normally one year. So the information is, at best, of historical interest and only 'post-mortem' analysis of the past can be conducted. The business requires timely information at frequent intervals to enable the management to plan and take corrective action. For example, if a business has budgeted that during the current year sales should be $ 12,00,000 then it requires information whether the sales in the first month of the year amounted to $ 10,00,000 or less or more? Traditionally, financial accounting is not supposed to supply information at shorter interval less than one year. With the advent of computerized accounting now a software like HiTech Financial Accounting displays monthly profit and loss account and balance sheet to overcome this limitation. Financial accounting is influenced by personal judgments'Convention of objectivity' is respected in accounting but to record certain events estimates have to be made which requires personal judgment. It is very difficult to expect accuracy in future estimates and objectivity suffers. For example, in order to determine the amount of depreciation to be charged every year for the use of fixed asset it is required estimation and the income disclosed by accounting is not authoritative but 'approximation'. Financial accounting ignores important non-monetary information Financial accounting does not consider those transactions of non- monetary in nature. For example, extent of competition faced by the business, technical innovations possessed by the business, loyalty and efficiency of the employees; changes in the value of money etc. are the important matters in which management of the business is highly interested but accounting is not tailored to take note of such matters. Thus any user of financial information is, naturally, deprived of vital information which is of non-monetary character. In modern times a good accounting software with MIS and CRM can be most useful to overcome this limitation partially. Financial Accounting does not provide detailed analysis The information supplied by the financial accounting is in reality aggregates of the financial transactions during the course of the year. Of course, it enables to study the overall results of the business the information is required regarding the cost, revenue and profit of each product but financial accounting does not provide such detailed information product- wise. For example, if business has earned a total profit of say, $ 5,00,000 during the accounting year and it sells three products namely petrol. diesel and mobile oil and wants to know profit earned by each product Financial accounting is not likely to help him unless he uses a computerized accounting system capable of handling such complex queries. Many reports in a computer accounting software like HiTech Financial Accounting which are explained with graphs and customized reports as per need of the business overcome this limitation. Financial Accounting does not disclose the present value of the business In financial accounting the position of the business as on a particular date is shown by a statement known as 'Balance Sheet'. In Balance Sheet the assets are shown on the basis of "Continuing Entity Concept. Thus it is presumed that business has relatively longer life and will continue to exist indefinitely, hence the asset values are 'going concern values.' The 'realized value' of each asset if sold to-day can't be known by studying the balance sheet.
What is the goal of setting a realistic standard cost?
The goal of the personnel responsible for setting standard costs is to provide realistic standards. Only standards perceived to be reasonable are likely to motivate workers to adhere to what is prescribed.
Why a banker needs accounting information?
Most likely to determine the likelihood of loan or investment recovery.
How much is a job in accounting likely to pay?
40,000
What are the uses of financial accounting?
Financial accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.Besides, accounting is also useful in the following respects:-(1) Increased volume of business results in large number of transactions and no businessman can remember everything. Financialaccounting firms records obviate the necessity of remembering various transactions.(2) Accounting record, prepared on the basis of uniform practices.(3) Cocooning records, backed up by proper and authenticated vouchers are good evidence in a court of law.(4) If a business is to be sold as a going concern then the values of different assets as shown by the balance sheet helps in bargaining proper price for the business.(5) Taxation authorities (both income tax and sales tax) are likely to believe the facts contained in the set of financial & managerial accounting books if maintained according to generally accepted accounting principles.
What is the inventory system in accounting?
Inventory system is more likely recorded in the Balance Sheet section in accounting. It will not be at the Profit and Loss section.
Is accounting science or an art?
No - Accounting is a science. Just as mathematics is. Now, perhaps creative or rather less then straightforward accounting may be considered an 'art' but with no more credibility than a cat burglar considers his singular skill to be.
Are Bondholders the internal users of company's accounting information?
Generally bondholders would be external users of financial information. Prudent investors would most likely look over a company's external financial statements and disclosures before purchasing bonds from the company.
Which would most likely be found in an allegory?
The setting
Which device is most likely to be affected by an incorrect setting saved in CMOS or an incorrect jumper setting?
camera
What are most common guidelines to have accounting ethics?
Ethic in accounting refers to doing only those things you can admit to doing in public. If you wouldn't want your name to be associated with it, then you shouldn't do it because it is likely unethical.
What type of courses could one expect to take at accounting schools?
An individual at an accounting school can expect to take a broad range of courses. For example, it is likely that an accounting student will take courses in math, law, taxation, business, and more.
What setting would Artemis likely be found?
greek mythology
Where was the setting in the film tropic thunder?
Vietnam most likely.
