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Financial Statements
A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.
5,583 Questions
What is the historical context of government accounting?
Government accounting has been viewed historically as a key element in the movement from absolute power, (i.e., the government or a king or emperor) to relative power (i.e., a shared model of government).
Cash flow statement is the statement which show the cash flow from operating, financing and investing activities.
What is meant by capitalized interest?
Within the financial income statement, there is an account created specifically for capitalized interest. Essentially, this account holds a suitable amount of monetary funds to be expended out to upcoming interest payments. This account is considered to be an asset and is expended as time goes on throughout the fiscal year.
Is Cost of goods sold an asset or liability?
it is asset>>...>.. Cost of goods sold (COGS) refer to the inventory costs of those goods a business has sold during a particular period. Costs are associated with particular goods using one of several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Costs of goods made by the business include material, labor, and allocated overhead. The costs of those goods not yet sold are deferred as costs of inventory until the inventory is sold or written down in value.
No, it is not an asset, it is charged against revenue basically as an expense. Cost of goods manufactured, if not sold is inventory which is an asset. The key word is sold, if it is sold it is expensed.
A valued property or a thing that holds a price, mostly cash. These have fixed values that are unaffected by inflation or deflation.
Using excel FV function all added monies & interest paid @ end of period 5000 invested @ 8% /year for 30 yr no additional monies 50,313.28 with 5000 added end of each year 662,042.62 with 5000/12 added end of each month 679,801.64 with 5000/24 added twice a month 680,679.68
What is the average annual rate of return for the SP 500 over the past 25 years?
On a total return basis, the average qtrly return of the S&P 500 since Jan 1981 has been 3.0% annualized 13.9%. Yes
th ending account balances of permanent accounts for one fisical period?
What is general expenses and whether it is asset or liability?
General expenses, just like any other expenses, are neither an asset, nor a liability.
General expenses can be the result of a decline in the value of an asset (payment of cash, depreciation of value of an asset), or an increase in a liability (electricity bills payable, etc).
How do you prevent overdue accounts in the accounting business?
- A Chart of Accounts is more than a list of General Ledger Accounts. A functional Chart of Accounts is: (1) the center of the financial record keeping process (2) a 'posting map' for recording financial...
- Where an overdue account showing on your file has been paid but not updated, call the credit provider and request they contact the credit agency to make the correction. Your file will be updated...
- Real accounts, i.e. Balance Sheet accounts are ongoing perpetual records and represent "real" items; cash, receivables, inventories, accounts payable, invested capital, etc., etc. Accounts receivable...
Why profit does not increase net asset?
becoz as we use assets their value decreses due to wear and tear etc
Is supplies for administrative office classified as period cost of product cost?
Supplies for an administrative office would be classified office supplies, which is always treated as a cost of a period.
Supplies for a manufacturing company would be classified as a product cost, i.e. wood (supply) in order to make desks (end product).
balance sheet,income statement,cash flow statement,retained earnings
This transaction would not appear on the statement of cash flows because it is a non-cash transaction. The statement of cash flows only shows transactions that involve inflows and outflows of cash.
On a balance sheet what does members' deficit mean?
On a balance sheet, Members' Deficit indicates that there is a lack of equity for the company's capital investors. Usually this account would be known as members' equity, but because the said equity is negative there exist instead a deficit.
Difference between retained earnings and paid in capital?
Paid in capital is that amount which investor invest in company while retained earning is that portion of profit which is not distributed to shareholders of company.
Sales = 1500000
Less. variable cost = 1050000
Less: fixed cost = 200000
Net income = 250000
reports on new information; digital, electronic, and mechanical technology; reports on new scientific developments; micro and macroeconomic forecasts; and reports on present and proposed legislation
Earned Revenues are not cash. Unless your using the cash basis (which isn't Generally Accepted Accounting Principles). You recognize revenue when it is realized, realizable, or earned. So if the company realized revenue through a sale, depending on when the title transferred to the buyer (FOB shipping point or FOB destination), the selling company would record the revenue.
So to answer your question: Yes, you record Revenue on the Income Statement regardless if you received cash, as long of the title of ownership transferred for that particular product.
What is creditors and accruals?
creditors are suppliers for the organasation ..people that we pay for the work done or service rendered.Accruals are invoices not being received inthe current financial year and will paid inthe next financial year however will be recorded in current financial year as part of..
Do you add a loan to cash on balance sheet?
Cash is added as asset and amount of loan is recored as a liability.
How you can treat capital work in progress in cash flows statement?
This would be treated as cash outflow in investing activities ....indirect method of cashflow statement ..Regards Aurangzaib Iqbal ACCA
Is Motor Vehicles shown on a balance sheet?
If motor vehicles own by company and are usable for more than one fiscal year then these are fixed assets and shown in balance sheet
What are assets liabilities and equity?
It is the basic accounting equation which shows the relationship of business assets toward liability and equity and it tells that all assets must generate enough money to pay all liabilities and owner's capital to be successful business.
