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What contra account is used when recording and reporting the effects of depreciation and why is it used?
The contra account that is used when recording and reporting the effects of depreciation is called amortization of assets. This account is used to reduce the dollar amount of the asset periodically over time to bring assets to current costs.
Is share premium account and share application money same?
Share premium account is that amount in which amount in excess of par value of shares is received while share application accounts records all money received from potential investors in process of share issue.
What is an account balance?
Account balance refers to the amount of money present/used in your account at the end of the day. for a bank account it could be the amount of money present in your account. In case of a credit card, it could be the amount of money used in that billing cycle till that date.
What day does Maryland deposit the tax refund into your account?
Maryland does it on Thursday. The date may be off depending on how long it takes your bank to process the amount.
Does a debit reduce an account?
Yes it reduces the amount in the account
What contra account is used when recording and reporting the effects of depreciation and why is it used?
The contra account that is used when recording and reporting the effects of depreciation is called amortization of assets. This account is used to reduce the dollar amount of the asset periodically over time to bring assets to current costs.
What is vendor reconciliation?
Vendor reconciliation is an accounting process used to compare two sets of records to ensure figures match. The key process is used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period.
What is the process for determining the account fraction for a specific financial transaction?
To determine the account fraction for a financial transaction, you need to identify the specific accounts involved in the transaction and calculate the proportion of the total amount that each account represents. This is done by dividing the amount in each account by the total amount of the transaction.
Can you explain the process of a transaction being debited to your account and how it affects your balance?
When a transaction is debited to your account, it means that the amount of money involved is subtracted from your account balance. This can happen when you make a purchase, pay a bill, or withdraw cash. Your balance decreases by the amount of the transaction, reflecting the new total amount of money in your account.
What are the 6 steps of business transaction analysis?
1. Identify the accounts affected 2. Classify accounts affected. 3. Determine the amount of increase of decrease for each account affected. 4. Which account is debited? For what amount? 5. Which account is credited? For what amount? 6. What is the complete entry in the T account form?
What is census taking?
Recording the amount of people in a country.
How does a check go through the banking process from the time it is written to the time it is reconciled with your bank statement?
The first step in the process of how a check goes through the banking process from the time it is written to the time it is reconciled with your bank statement is that the recipient lodges the check into their bank account. The bank then has to clear the check with the bank that the check is from, known as check clearing. This process can take a few days. The recipients' account is credited with the amount that the check was written for and the account of the person who wrote the check is debited for the same amount.
Can you please credit the amount to my account?
Certainly, the requested amount will be credited to your account.
want to know my companey account amount?
want to know my companey account amount
Is share premium account and share application money same?
Share premium account is that amount in which amount in excess of par value of shares is received while share application accounts records all money received from potential investors in process of share issue.
What is the maximum check amount that can be deposited into this account?
The maximum check amount that can be deposited into this account is 10,000.
Is the amount in the pf account half of the actual amount?
No. Not at all. The amount in the PF account equals all the money that was deposited into it + interests
