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In double-entry accounting, where should you record money that is leaving your company to pay bills?
In double-entry accounting, money leaving your company to pay bills should be recorded in the accounts payable account.
A record in the accounting equation?
Transaction
Why are ethics so important in the accounting field?
Investors and creditors rely on financial statements when making decisions on allocating capital. If a company has a poor ethical track record when reporting financial results, investors will take their money elsewhere. This can be observed when a company's stock plunges after news of accounting errors or manipulation. Ethical accounting is foundational to an efficient capital market and lowers a firm's cost of capital.
How do you record transactions using the accounting equation?
Assets= Liabilities + Equity
What is Error of principle in accounting?
An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental principles of accounting. An error of principle is a procedural error, meaning that the value recorded was the correct value but placed incorrectly. For example, a company may record personal expenses as business expenses. An error of principle is different than failing to record the item in question ("error of omission"), or recording the wrong value in the correct account ("error of commission"). These errors are referred to as input errors.
Scope of managerial accounting?
The scope of managerial accounting focuses on the financial aspects of the organization. This will include proper record keeping, balancing records and so much more.
In double-entry accounting, where should you record money that is leaving your company to pay bills?
In double-entry accounting, money leaving your company to pay bills should be recorded in the accounts payable account.
What are the functions of an accounting officer?
Accounting officer record all income and expenditure of a company or organisation, forecast the future stand of it, advice on any related finances of a company,also there is must be a budgeting for every department.
What transaction is found first on accounting record?
The "journal" is the first transaction found on the accounting record.
J. true or false In cash as contrasted with accrual accounting a company does not record amounts due from customers in its accounting records.?
True. Under the Cash Basis for Accounting only transactions that involve the movement of cash are recorded. In Accrual Accounting (GAAP) you would record transactions once an economic event has taken place (e.g., supplier invoice received = expense, customer invoice prepared = revenue).
What is general ledger suspense?
A general ledger suspense account is used to temporarily record items for which the accounting is not clear.For example, if a company records an expense, without keeping adequate documentation, the bookkeeper may need to record the item in the "suspense" account. Once adequate documentation is found, the item would be reclassified into its proper account.
A record in the accounting equation?
Transaction
Who are the users of accounting record?
accountants
What is the abbreviation for the word Debit in accounting?
Debit is seen as Dr in accounting. Credit is Cr. They stand for Debit Record and Credit Record.
What is individual accounting?
Individual accounting is related to record of any sole trader .
What is the difference between purchase and pooling accounting methods?
1. In case of Pooling Accounting new balance sheet of the combined company is created whereas in case of Purchase Accounting no new balance sheet is prepared. Thepurchasing company adds the assets of the acquired company to its balance sheetusing a fair market value.2. In case of Pooling Accounting it is basically the merging of two companies whereas incase of Purchase Accounting the acquired company is known as investment.3. In case of Pooling Accounting 'who is buying whom' is not clearly stated whereas incase of Purchase Accounting 'who is buying whom' is clearly stated.4. In case of Pooling Accounting it didnot record the price the acquiring company has topay for the acquisition whereas in case of Purchase Accounting it is valued using thefair market value.Answer by,Mr. Shabbir Alam
What is the difference between finance and financial accounting?
Finance means funds usually in the form of money. Giving or taking finance, Financing a project etc.,. Whereas Financial Accounting means maintaining a proper record of the money or finance or resources used and maintaining it in a proper order to be presented to the auditor for yearly evaluation.
