Business Accounting and Bookkeeping
Business accounting and bookkeeping refers to the act of systematically recording, verifying and reporting business transactions such as purchases, sales, payments and income. The accounting aspect is commonly performed by certified accountants only.
Asked in Jobs, Business Accounting and Bookkeeping
What jobs can an accounting and finance diploma holder get?
Asked in Job Applications, Salary and Pay Rates, Small Business Loans, Business Accounting and Bookkeeping
What does CTC or 'Cost to Company' mean?
Cost-to-Company Cost to Company (CTC) is a term used to describe an investment without return. Travel expenditures, interviewing, spending time with potential customers can all be interpreted as CTC's. Cost to Company can also be used to refer to the total cost that an organization is spending towards their employee including the Salary, Perks, Cost related to benefits, Cost related to hiring, Training, Retirals, Statutory Contributions etc. Here is more input: Cost to Company is a buzz word to describe how the company can slowly pay you less and less, and remove all your benefits, until you are "self funded" - in other words you pay for all your "benefits" yourself, while the company receives the tax benefits for these payments. This improves their profit ratio, and if this system is extrapolated, you will eventually pay the company to work there. So you'll need a second job to fund this. :-) CTC - Cost to company is a trick of a company and HR department, to show we are paying a big salary, but unfortunatly it is just bubble. They overload total expences of human resources on salary, and show that they are paying this much salary to the staff. but actually they pay less and show more. For example....your salary is 6.00 Lacs p.a. Means ... you are getting 50,000/- per month. But actuly person gets only 25,000/- per month...all other money is deducted for facilities.. Means we are paying for getting facilities, but company shows they are giving us good facilities in the organization. In short, we pay from our salary for getting facilities, but company says they are giving good facilities to there staff. So you are paying for even unwanted facilities which you don't need. Before deciding CTC, ask for breakup of facilities.
What is a Consolidated statement of cash flows?
What are fixed expenses?
Fixed expenses include rent or mortgage payments, depreciation on fixed assets (such as cars and office equipment), salaries and associated payroll costs, liability and other insurance, utilities, membership dues and subscriptions(which can sometimes be affected by sales volume), and legal and accounting costs. These expenses don't change, regardless of whether a company's revenue goes up or down.
Asked in Business Accounting and Bookkeeping
What is uniform system of accounting?
The focus is on a set of standardised financial statements or reports, rather than on standard account titles and numbers or rules for coding accounting data. The main principle of the Uniform System is that results are reported by each department of the hotel, in line with the traditional responsibility and organization structure which is found in most hotel operations. ................Kingston, Jamaica
Is account payable an inflow or outflow or neither?
What are the 4 functions of accounting?
For money For peace and order For nice environment For Good Will Sorry to say but the above answer is completely misleading and incorrect. The major functions of accounting are 1. recording business transaction 2. Classifying and summarizing business transactions in a meaningful manner 3. Analysing and interpreting data in order to retrieve meaningful information. 4. Communicating the information to the relevant stakeholders
Asked in Business Accounting and Bookkeeping, Mathematical Finance, Accounts Payable, Financial Statements
What are two basic financial statements.Explain their importance to the various uses?
The two basic financial statements are the Income Statement or Profit & Loss Statement and the Balance Sheet. The Income Statement reflects the revenues and expenses for a period in time such as January 1, 20xx through the date you are working on say August 31, 20xx. These revenues and expenses give you the net income or (loss) for that particular period. The Balance Sheet is a report of the business for a point in time, August 31, 20xx. The assets and liabilities of the business as well as the owners equity in the business make up the Balance Sheet. Assets - Liabilities = Owners Equity. The net income or (loss) from the Income Statement flows over to the Balance Sheet under the Equity section. Business use these reports to understand the financial position of their business ans where to make changes for future years. Investors use these reports to make decisions on whether they want to invest or provide loans to the business. Accountants use these reports to prepare tax returns for both individuals and businesses depending on the type of entity the are...corporation, partnership, sole proprietorship.
Asked in Business Accounting and Bookkeeping
What is net new borrowing as it relates to determining the cash flow to creditors?
What is an example of a merchandising business?
Firstly, it is important to know about the term merchandising. Merchandising may be signified as an activity of promoting the sale of goods at retail.It inlcudes the activites such as display techniques, free samples,etc. Now let us discuss about the Merchandising business. Merchandising business may be stated as a commercial enterprise dedicated to the purpose of finished goods and their resale for a profit.It will generally buy their products from a wide range of distributors domestically and internationally and market the products in a huge consumer shopping facilities. Example: The most common type of merchandising business includes departments, grocery stores, dealerships etc. Or else it can be a wholesale business or a retail business.
Why banks reject a cash cheque?
A bank may reject a cheque due to a variety of reasons. They are: a. The signature of the cheque issuer does not match bank records b. There is not enough money in the issuers bank account to pay for the cheque c. There is overwriting in the cheque and is not duly counter-signed d. The amount in numbers and amount in words does not match e. The cheque is very old and expired (more than 90 days old)
Why do managers analyze Financial Statements?
All publicly traded companies and large private entities prepare financial statements periodically. The purpose of creating financial statements is to capture a company's financial position for a given period. This allows users of financial information to analyze and compare the health of one company to another. Financial statements provide assessment of a company's profitability, liquidity and operational efficiency. As a result, there are a number of reasons why managers analyze financial statements. And in my own words, all managers should know the P/L of a period of time, to help understand the needs of their business, the profit or loss and it's effects upon the business ( it may be on a permanent loss therefor it should make the necessary improvements/cuts) . Most managers wish in general to see where they stand with, if the business is profitable, if they need to stop taking some risks, or make new investments, or maybe let go some employees.
What does fully funded depreciation mean?
How do you make a trial balance from T Accounts?
You would add up both columns on the T account and put the highest figure as the total for BOTH columns. Then in the column which was less you add a balancing figure call Balance Carried Forward to make that column match the other. Below the totals you would put Balance Brought Foward which is the same as the balance carried forward but it should go on the other side. You then list all the Balance Brought Fowards figures, keeping them in their debit or credit side. That list becomes the trial balance.