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Recording referes to the concept of just writing down any exchage of values in business (transactions) such as merchandise sold, it is recorded in a double entry sales where cash is debited and merchandise is credited. during classification, these transactions are classified in heads under "T Accounts" where all cash/other accounts which were debited/credited comes under one heading and shows the current position of cash/ other accounts these T Accounts are then summarized in steps in a more meaningful form to have a better view of progress of the business. example is p/l statements, balance sheet, etc
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Internal and External Reporting Requirements?
differentiate between financial Accounting and management accounting
Can you reallocate a transaction among multiple acounting codes?
Yes, you can reallocate a transaction among multiple accounting codes. This process typically involves splitting the transaction into different amounts that correspond to each accounting code based on specific criteria, such as departments or expense types. The method for doing this may vary depending on the accounting software you are using, but it generally allows for accurate financial reporting and better tracking of expenses. Always ensure that the reallocations comply with your organization's accounting policies.
What are the CPA CPE requirements in Indiana?
General Requirement120 credit hours, with a minimum of 20 hours per yearCPA License Renewal Date6/30 trienniallyCPE Reporting Period1/1 to 12/31 trienniallyEthics Requirement4 credits every reporting periodOther Subject Area Requirements12 hours of Accounting & Auditing are required.
A basic difference between managerial accounting and financial accounting is that managerial accounting?
One basic difference between managerial accounting and financial accounting is that managerial accounting is used internally instead of externally for investors. Managers use managerial accounting to determine what level of output is appropriate for their departments.
How many accounting standard arein India?
As per the IASs/IFRSs, so far 30 Indian Accounting Standards have been issued: AS1 - Disclosure of Accounting Policies AS2 - Valuation of Inventories AS3 - Cash Flow Statements AS4 - Contingencies and Events Occuring after the Balance Sheet Date AS5 - Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies AS6 - Depreciation Accounting AS7 - Construction Contracts AS8 - Accounting for Research and Development ( Wirhdrawn pursuant to AS26 becoming mandatory ) AS9 - Revenue Recognition AS10 - Accounting for Fixed Assets AS11 - The Effects of Changes in Foreign Exchange Rates AS12 - Accounting for Governement Grants AS13 - Accounting for Investments AS14 - Accounting for Amalgamations AS15 - Employee Benefits AS16 - Borrowing Costs
What is classifying in accounting?
What is reporting in accounting?
What is a reporting entity?
What is a reporting entity in accounting?
What body has defined the purpose of financial accounting and reporting?
The basic foundation of governmental financial accounting and reporting in the United States was established by the Governmental Accounting Standards Boards (GASB) in its "Objectives of Financial Reporting,"
What is the three line reporting format in accounting?
No
What are the solutions for financial accounting and reporting?
The solutions for financial accounting and reporting are maintained by a well developed system. Many are available on the market and integrate the actual data accounting with automated report generation.
Internal and External Reporting Requirements?
differentiate between financial Accounting and management accounting
Who sets accounting reporting standards for the government?
If the entity is a state or local governmental unit, it is subject to the reporting standards and requirements of the Government Accounting Standards Board.
What is the most commonly used accounting method for reporting income on a 1099-MISC form?
The most commonly used accounting method for reporting income on a 1099-MISC form is the cash basis accounting method.
What is the role of accounting standards in corporate reporting?
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What is the effect of current technology in managerial accounting?
Reduction of reporting costs of managerial accounting information
Discuss the various factor influencing the accounting environment in a country?
The variation in accounting disclosure and reporting practices.
What is frs and ifrs?
FRS - Financial Reporting StandardsIn UK, the chief standard-setter for financial accounting is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRSs). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies.IFRS - International Financial Reporting StandardsInternational Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). This is used extensively in EU and there are efforts being made to converge accounting standards globally to IFRS.
