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.

26,724 Questions
Business Accounting and Bookkeeping

What is the best definition of unearned income?

Unearned income is any income that was not paid as part of the compensation for services provided by the taxpayer.

An example is income that is generated as a result of investments, properties, stocks and bonds, etc.

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Business Accounting and Bookkeeping
Business & Finance
Fiji

What accounting standards are used in Fiji?

Nebosh Course Details offers an excellent understanding of foundation health and safety concepts, so it's ideal for people with responsibilities in health and safety.
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Business Accounting and Bookkeeping
Tally Accounting Software

Convert tally 4.5 to tally 7.2?

Download Tally 4.5 to Tally 7.2 Data converter: From "http://www.caclubindia.com/share_files/files_display_list_by_member.asp?member_id=53176"

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Algebra
Economics
Business Accounting and Bookkeeping

Is nett price inclusive of vat?

There is a product X. 100 is printed on it, you may call it list price.

Let say the seller gives you a 5% discount on it. So you will get it for 95 (100 - 5%).

This 95 is the net price. On the top of it, if the seller charges you VAT. You'll need to pay 95+VAT.

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Jobs
Business Accounting and Bookkeeping

What jobs can an accounting and finance diploma holder get?

They get basicly any banking job that involves communication with costumers (teller).

They can get a job as treasurer or in all accounts or finance department of every company or in any institute.

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Job Applications
Salary and Pay Rates
Small Business Loans
Business Accounting and Bookkeeping

What does CTC or 'Cost to Company' mean?

Cost-to-CompanyCost 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.
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Business Accounting and Bookkeeping

What is uniform system of accounting?

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Business Accounting and Bookkeeping
Budgeting and Forecasting
Financial Statements

What is a Consolidated statement of cash flows?

Consolidated cash flow statement shows the cash inflows and outflows of parent company together with all subsidiaries of that parent company at one place to show the complete picture of business.

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Business Accounting and Bookkeeping
Companies

Where does Accumulated Depreciation appear?

Accumulated depreciation is a contra asset account. So it goes with the assets but works in reverse from normal assets. So the debit side won't be increases, but rather decreases. And the credit side will be the increases. And it will be grouped with the fixed asset that's being depreciated. This way, you'll be able to see the original value and all the depreciation that's been taken.

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Business and Industry
Business Accounting and Bookkeeping
Microsoft Excel

What are some ways to use Excel?

Make lists, create graphs, do monthly budgets and time keeping

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Economics
Business Accounting and Bookkeeping
Accounts Receivable
Financial Statements

What are the 4 functions of accounting?

  1. For money
  2. For peace and order
  3. For nice environment
  4. 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

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Business Accounting and Bookkeeping
Accounts Payable
Accounts Receivable
Budgeting and Forecasting

Example of operational audit?

purchase, marketing, selling and distribution expenses, production

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Personal Finance
Business Accounting and Bookkeeping
Budgeting and Forecasting

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.
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Business Accounting and Bookkeeping
Accounts Payable
Accounts Receivable

Is account payable an inflow or outflow or neither?

The recording of an account payable does not create any current effect on cash flow, so it is neither creates an inflow or outflow.

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Business Accounting and Bookkeeping

What does revenue mean in accounting terms?

avenue means the Amount of money a company receives juring a specific period.

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Business Accounting and Bookkeeping
Apple Incorporated

Who is Apple inc. independent auditor?

Effective February 26, 2009, Apple's independent registered public accounting firm is Ernst & Young LLP.

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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.

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Business Accounting and Bookkeeping

What is net new borrowing as it relates to determining the cash flow to creditors?

Net new borrowing is the difference of the long-term debt on the balance sheet.

Cash flow to creditors = Interest paid - difference of the long-term debt

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Business & Finance
Business Accounting and Bookkeeping

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.

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Business Accounting and Bookkeeping

What is green accounting deals with?

The green accounting deals with bankers opening new account for the purpose of money transactions.

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Credit and Debit Cards
Banking
Business Accounting and Bookkeeping

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)

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Business Accounting and Bookkeeping
Financial Statements

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.

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Business Accounting and Bookkeeping
Learning Theories
Financial Statements

What does fully funded depreciation mean?

This is the amount saved to replace assets at the end of their useful life. [1]

[1] The Financial Management of Hospital and Healthcare Organizations. Michael Nowicki (2008)

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Business Accounting and Bookkeeping
Soccer History
Financial Statements

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.

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Business Accounting and Bookkeeping
Business Plans
Marketing Advertising and Sales

What is penetration-pricing strategy?

Penetration-pricing strategy is used to build market share by obtaining profits from repeat sales. Occasionally, high sales volume allows sellers to further reduce prices.

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