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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.

500 Questions

What is hit and trial method?

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Asked by Wiki User

Hit-and-trial method is a problem-solving approach where solutions are discovered through a process of trial and error. It involves systematically trying different possible solutions until the correct one is found. While it can be effective for some types of problems, it is not always efficient and may require a significant amount of effort.

What function can CPAs perform that accountants cannot?

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Asked by EncofBizandFinance

CPAs (Certified Public Accountants) can perform auditing services for publicly traded companies, which accountants without the CPA designation cannot do. Additionally, CPAs are authorized to represent clients before the IRS and provide attestation services that involve issuing reports on financial statements.

What factors related to the industry must be considered in the preparation of prospective financial business statements?

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Asked by EncofBizandFinance

Factors related to the industry that must be considered in the preparation of prospective financial business statements include industry-specific accounting standards and guidelines, market trends and conditions, competitive dynamics, regulatory requirements, and technological advancements that may impact financial performance. Additionally, understanding the business model, revenue recognition practices, inventory valuation methods, and costs associated with production and distribution are crucial for accurately reflecting the financial position and performance of the business.

What factors must be considered in the preparation of prospective financial statements?

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Asked by EncofBizandFinance

When preparing prospective financial statements, factors to consider include current economic conditions, industry trends, market competition, regulatory environment, internal capabilities, management expertise, and potential risks. It is also important to review historical financial data, make realistic assumptions about future performance, and ensure that the statements comply with relevant accounting standards and guidelines. Additionally, sensitivity analysis and scenario planning can help assess the impact of different variables on the financial projections.

Is the composition of glucose fixed or variable?

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Asked by Wiki User

The composition of glucose is fixed, with a chemical formula of C6H12O6. This means that glucose will always contain 6 carbon atoms, 12 hydrogen atoms, and 6 oxygen atoms in a specific arrangement.

What is the meaning of Reclassified as single-piece shipment?

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Asked by Wiki User

Reclassified as single-piece shipment means that a shipment which was previously classified as multiple separate items has been consolidated into a single shipment for transportation or logistical purposes. This consolidation simplifies handling and tracking of the shipment as a whole.

What is amalgamated mean?

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Asked by Wiki User

"Amalgamated" means to combine or blend two or more things together to form a unified whole.

Is Microsoft Excel an application or a program?

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Asked by Wiki User

Both Microsoft Excel and Microsoft Word are computer applications.

What is journal entry for brokerage due to us rs 500?

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Asked by Wiki User

Accrued income

To Income

(Being Brokerage due but not received)

What is the wind speed of a category seven hurricane?

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Asked by Wiki User

There is no such thing as a category seven hurricane. The Saffir-Simpson Hurricane Wind Scale only goes up to category five, with winds greater than 157 mph.

What is a good online accounting and invoicing system for a small business?

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Asked by MoneshShrivastavagp1754

Today having an online accounting and invoicing system for a business is an important part that streamlines operations and saves time. My suggestion is to go with RepairDesk. It is the best online invoicing system for repair business and retail as well. Moreover, it is integrated with multiple accounting software like QuickBooks, Xero.

So, in order to check if it is best suited for your business, try out it's 14-day free trial, no debit/credit card information needed.

What is your strongest asset?

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Asked by Wiki User

My strongest asset is my ability to learn and adapt quickly to new situations and challenges. I am also highly organized and detail-oriented, allowing me to efficiently manage tasks and meet deadlines. Additionally, I have strong communication skills that help me effectively collaborate with others and convey ideas clearly.

Why is it important for business entities to provide periodic information?

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Asked by Wiki User

Business entities should provide periodic information because it lets the management know what is going on. It also lets the Internal Revenue Service monitor the business.

What is the difference between 'gross' and 'net'?

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Asked by Wiki User

Gross and Net

Gross refers to the total and Net refers to the part of the total that really matters.

Gross vs Net Income

In accounting, for a P&L (profit and loss statement, Gross profit, or Gross income, or Gross operating profit is the difference between revenue and the cost of making a product or providing a service, before deducting overheads,payroll, taxation, and interest payments. Net profit is equal to the gross profit minus overheads minus interest payable plus one off items for a given time period.

Gross Margin vs Net Margin

Gross margin is the ratio of gross profit to revenue. Net margin is the ratio of net profit to revenue.

Gross is the profit from the transaction without deduction. Net is the profit from the transaction after deducting cost of goods and cost of the sale (manpower, taxes, rent, etc.)

What three major steps make up the water cycle?

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Asked by Wiki User

The three major steps in the water cycle are evaporation, condensation, and precipitation. Evaporation occurs when water turns into vapor, condensation is when the vapor turns back into liquid forming clouds, and precipitation happens when water falls back to the Earth in the form of rain, snow, sleet, or hail.

What is PEG 6000?

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Asked by Wiki User

PEG 6000 is a polyethylene glycol that belongs to the family of polymeric polyols. It is commonly used as a stabilizer, thickener, and moisture carrier in pharmaceuticals, cosmetics, and food products due to its solubility in both water and oil.

Is Subway an entity theory or proprietary theory?

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Asked by Wiki User

Subway operates under the entity theory, as the brand and business structure are considered separate from its owners. This means that Subway's owners are not personally liable for the debts and actions of the company.

What is the last step of the water cycle?

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Asked by Wiki User

The last step of the water cycle is precipitation, where water droplets in the atmosphere become heavy enough to fall back to the Earth's surface as rain, snow, sleet, or hail.

What is the difference between profit and yield?

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Asked by Wiki User

Profit refers to the financial gain made from a business transaction after all expenses have been deducted. Yield, on the other hand, typically refers to the return on an investment, usually expressed as a percentage. While profit is a measure of actual earnings, yield is a measure of the return on investment relative to the initial investment.

What is intermediate planning?

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Asked by Wiki User

Intermediate planning refers to the process of developing detailed plans and strategies to achieve specific objectives or goals within a designated time frame. It typically involves breaking down broader long-term goals into actionable steps, allocating resources, and considering potential obstacles or contingencies that may arise. Intermediate planning lies between strategic planning (long-term) and operational planning (short-term) in terms of time horizon and level of detail.

The issuance price of a bond does not depend on the 1. face value of the bond 2. riskiness of the bond 3 method used to amortize the bond discount or premium 4 effective interest rate?

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Asked by Wiki User

The issuance price of a bond is influenced by the face value of the bond, the riskiness of the bond, and the effective interest rate. The method used to amortize the bond discount or premium affects the accounting treatment and carrying value of the bond, but it does not directly impact the issuance price.

The basic activities of life occur in the what?

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Asked by Wiki User

The basic activities of life occur in the cell. Cells are the smallest units of life and carry out functions such as obtaining nutrients, growing, metabolizing, and reproducing.

Define Chain of Production?

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Asked by Wiki User

The chain of production refers to the sequence of steps involved in transforming raw materials into finished products. It usually includes activities such as sourcing raw materials, processing, manufacturing, assembly, and distribution. Each step in the chain adds value to the product before it reaches the end consumer.