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Describe how an accurral accounting deferent fom cash accounting?
Accrual accounting records an expense/revenue in the period the transaction occurs. Cash accounting recognizes and expense/revenue when cash is exchanged.
What accounting principle allows for repair tools to be expensed when purchased?
Ah, what a happy little question! The accounting principle you're thinking of is called the "expense recognition principle." This principle allows repair tools to be expensed when purchased because they are expected to be used up quickly and provide immediate benefits to the business. It's all about recognizing expenses in the period they are incurred to accurately reflect the company's financial situation.
What is to expense?
In accounting an expense activity requiring someone to spend money. For instance, paying employees is considered an expense to businesses.
What is the difference between prepaid expense and advance payment?
Prepaid expense is a payment which relevant to services which expected to delivered in the next accounting period, while advance expense is an expense paid in advance for services expected to delivered in the current accounting period.
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
What are the 5 GAAP?
Generally Accepted Accounting Principles (GAAP) encompass a set of rules and standards for financial reporting. The five key principles include the Revenue Recognition Principle (recognizing revenue when earned), Expense Recognition Principle (matching expenses with revenues), Cost Principle (reporting assets at their original purchase cost), Full Disclosure Principle (providing all relevant financial information), and the Objectivity Principle (ensuring financial statements are based on objective evidence). These principles aim to enhance the clarity, consistency, and comparability of financial statements.
Describe how an accurral accounting deferent fom cash accounting?
Accrual accounting records an expense/revenue in the period the transaction occurs. Cash accounting recognizes and expense/revenue when cash is exchanged.
What accounting principle allows for repair tools to be expensed when purchased?
Ah, what a happy little question! The accounting principle you're thinking of is called the "expense recognition principle." This principle allows repair tools to be expensed when purchased because they are expected to be used up quickly and provide immediate benefits to the business. It's all about recognizing expenses in the period they are incurred to accurately reflect the company's financial situation.
In accounting do you depreciate the installation of a fixed asset?
In accounting the "installation" if you are referring to the cost of having something installed is an expense and is recorded as such, that is an operating expense and is recorded as such. Since it is an expense it is not an actual asset, so can not be depreciated.
What is to expense?
In accounting an expense activity requiring someone to spend money. For instance, paying employees is considered an expense to businesses.
What is the difference between prepaid expense and advance payment?
Prepaid expense is a payment which relevant to services which expected to delivered in the next accounting period, while advance expense is an expense paid in advance for services expected to delivered in the current accounting period.
What is the accounting entry for Accrued Expense?
Dr. Accrued Expense Cr. Cash or Cash in bank
In an accounting classification what does the EEIC represent?
Element of Expense/Investment CodeElement of Expense Identification Code
What financial services are offered by IBM Global Expense Reporting Solutions?
IBM Global Expense Reporting Solutions (GERS) offers web-based services that better allow employers/business to track their employees travel and expense costs.
Where can one find expense reporting software?
You can buy expense reporting software from online stores or directly from the supplier. If you prefer the hands on approach, you can visit stores like walmart or staples.
What is rent and rates as in accounting terms?
Rent in accounting terms refers to a recurring expense that you plan for. Rate refers more to something that results in a debit on expense, but a credit on payables.
What is discount allowed classified as in accounting?
It is classified as an expense to the trader.
