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What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
What is BAF course?
BAf means bachelor of accounting and finance , that is which related to banking and generate the record of organizations records and accounting
Is a device used to record the changes in the accounting elements?
Yes, a device used to record changes in accounting elements is typically referred to as an accounting ledger or bookkeeping software. These tools help track financial transactions, categorize accounts, and maintain accurate financial records. They enable businesses to monitor income, expenses, assets, and liabilities, ensuring compliance and informed decision-making.
Where can one purchase corporate kits for storing records?
One can purchase a corporate kit for storing records at your local book and stationary store. The kits contain a corporate seal, blank stock certificates and forms to record minutes of meetings.
The reasons for keeping accounting record?
for a-level accounting . why stakeholders(customers) use the accounting records for guarantees and order met??? the reason for keeping accounting records because human memmory is short and changable, so there is chances of contravercies in future that's why account bookss are keeping
What machine inspired the double entry accounting method?
There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.
What is the definition of manual accounting?
manual accounting means making records of transactions in record books rather than computers.
What constitutes a corporate record?
Corporate records are those records a corporation needs to keep in order to show that it is functioning in the manner required by the Internal Revenue Service and the laws of the state in which the business is incorporated. Corporate records are needed to show that the corporation is functioning appropriately and in order to show that the corporation is a separate entity and to maintain the corporate shield from liability.
What two basic records are generated in most payroll accounting systems?
payroll register and earnings record
How to properly record a tax refund in accounting?
To properly record a tax refund in accounting, you would debit the cash account to increase it and credit the income tax expense account to reduce it. This reflects the refund as income received and reduces the expense previously recorded for taxes paid.
Advantages and disadvantages of using manual accounting system accounting?
An advantage to using manual accounting systems is that there is a written record of transactions. A disadvantage to manual accounting is the risk of fire destroying records or a risk of human error.
Where to post dividends received?
Dividends received should be recorded in your accounting or financial records under the income section. If you're using accounting software, categorize them as "Dividend Income." In personal finance, you can record them in your investment tracking spreadsheet or app, ensuring you note the date, amount, and the source of the dividends for tax reporting purposes. Always consult with a tax professional for specific reporting requirements.
