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What is the original book entry and their function?
original book entry refers to that book in which we maintain our daily records of the business . in this book we record all the things in daily basis that is why its also called daily basis accounts.
What are the objective of accounting?
The basic objective of accounting is to maintain the records of daily business transactions carried out by the company to give a true representation of the state of affairs, including position of assets and liabilities at the end of the financial year.If no accounting is done, the business will operate in a hapazard manner like a race horse with both eyes covered. Without proper accounting, no business house can survive in this era of stiff competition.
How will accounting affect peoples daily lives?
Accounting will affect the daily lives of people by making sure all debts are accounted for and making sure people have monies. Keeping good accounting records is a good way to avoid financial troubles.
Define accounting standards?
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What is the difference between dda or gl account type?
DDA (Demand Deposit Account) and GL (General Ledger) account types serve different purposes in finance. A DDA is a type of bank account that allows for the easy withdrawal and deposit of funds, typically used for daily transactions. In contrast, a GL account is a record in accounting that summarizes all transactions of a specific type, helping businesses track financial performance and maintain accurate financial records. Essentially, DDAs are for managing liquid funds, while GL accounts are for accounting and reporting purposes.
What is the original book entry and their function?
original book entry refers to that book in which we maintain our daily records of the business . in this book we record all the things in daily basis that is why its also called daily basis accounts.
Important of financial accounting in an organization?
Financial accounting is very important in an organization. It helps track and account incoming and outgoing funds and balance the books on a daily, weekly or monthly basis.
What is the daily work sheet answers?
A daily work sheet is a document used to organize and summarize a company's financial transactions for a specific day or period. It typically includes sections for revenue, expenses, and adjustments, helping to prepare accounts for the end of a reporting period. The answers or entries on a daily work sheet reflect the financial activities recorded, aiding in accurate bookkeeping and financial analysis. This tool is essential for maintaining up-to-date financial records and ensuring proper financial reporting.
What are the objective of accounting?
The basic objective of accounting is to maintain the records of daily business transactions carried out by the company to give a true representation of the state of affairs, including position of assets and liabilities at the end of the financial year.If no accounting is done, the business will operate in a hapazard manner like a race horse with both eyes covered. Without proper accounting, no business house can survive in this era of stiff competition.
How will accounting affect peoples daily lives?
Accounting will affect the daily lives of people by making sure all debts are accounted for and making sure people have monies. Keeping good accounting records is a good way to avoid financial troubles.
Effectiveness of financial planning and monitoring?
Financial planning keeps a person or business on task with money and keeps them informed of their available funds. Monitoring is important to do daily or weekly to watch for errors in calculations.
The three record disposition categories are?
Active records: Current records used in daily operations. Inactive records: No longer needed for daily operations but kept for future reference. Disposal records: Records that are ready for destruction or deletion according to retention schedules.
Why are finances important in our daily lives?
Finances are important in our daily lives because they help us meet our basic needs, achieve our goals, and plan for the future. Managing finances effectively can lead to financial stability, security, and overall well-being.
What are the main types of information gathered to enable the organisation to function on a day to day basis?
For company regular Purpose the status of the expenses, sales and production information is very important for maintain the financial conditions. It should be like a daily cost sheet to know the status of the organization. Regards, S.Srinivas
How can I calculate the daily interest rate for a financial investment?
To calculate the daily interest rate for a financial investment, divide the annual interest rate by 365 (the number of days in a year). This will give you the daily interest rate.
How can one achieve and maintain mental happiness in their daily life?
To achieve and maintain mental happiness in daily life, one can practice self-care activities such as exercise, meditation, and spending time with loved ones. It is also important to cultivate a positive mindset, practice gratitude, and seek professional help if needed.
Difference between jr accountant and staff accountant?
Junior accountants performs daily journal entry tasks and tends to general financial records. Staff accountants perform all facets of the company's expenses and benefits for employees.
