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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
Is there a restriction on what you can do with retained earnings?
Yes, I think there are some restrictions as to its use. Retained earnings are the accumulated profits/ income that arose from the operation of the business. It's use is sometimes restricted when considering some accounting principles. Mostly, the timing of recording, limit of charging based on the transaction and accounting measures, and qualification of the transactions for Retained earnings to be affected.
What does to maximise sales revenue mean?
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover. Some companies receive revenue from interest, dividends or royalties paid to them by other companies.Revenue may refer to business income in general, or it may refer to the amount, in a monetary unit, received during a period of time, as in "Last year, Company X had revenue of $42 million."
And what is general and administrative expenses?
General and administrative expenses are those expenses which requires to run day to day business activities no matter if there is production going on or not.
Is sales commission a current liability or an expense?
If sales commission is payable in future time then it is current liability but if it is paid already then it is expense.
Which side show loss in balance sheet?
That will be in the equity part. Regardless of whether the company made a profit or loss it is taken to retained earnings where a loss will just reduce retained earnings.
What can you see from Statement of Retained Earnings?
Statment of retained earnings show tha how much opening retained earning was there at start of fiscal year how much net profit in current year and what is the closing balance of retained earnings.
What are the characteristics of final accounts?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
Where to record drawings in balance sheet?
Drawings are recorded as a reduction of owners equity at equity side of balance sheet.
Advantages and disadvantages of activity-based costing system?
ABC....why? The problem with Traditional costing is that it can easily over-allocate overhead to cost objectives. Traditional costing is production volume driven so its would be easy but yet inaccurate to assign a Skittles production with more overhead than say a the division within the same company that makes custom pies. Activity based costing accounts for the multiple costs that go into making a product or service thus making allocation of overhead more efficient and allowing managers to make better business decisions. Derek Coleman
How can you write a journal entry essay?
- Put the date above each entry. That gives your journal some structure and helps you to remember more about the day when you go back and read it.
- Try not to lose your journal. It is such a pain to go looking for it when you have something you really want to write about.
Now that we have those rules out of the way, let's go over a few possible techniques for writing a journal entry.
- Collage Journal: You include pictures and doodles about the event or person you are writing about. The added pictures give the entry some added depth. You could keep your journal almost completely in picture form with just captions, titles, or dates in wording.
- Newspaper Journal: Write your entry like a newspaper article. This is a different approach that can spice things up a little bit.
- Write in like a letter to someone. Each entry can be written to a separate person or they can all be the same. For example, one day I might write it to someone I'm mad at and tell why I'm mad at them while the next day, I may write it to my crush about why I like him. Of course, you do not have to mail these letters. They are for your eyes only.
- Friendship Diary: Purchase a notebook and pass it between your friends. Each person can keep it for a little while and write in it. They pass it to the next one. They get to read what the last person wrote and add some more of their own.
- Poetry Journal: You could write the entry entirely or partially in poems.
Whether you chose one of the methods above or come up with your own way, good luck and have a great time keeping one!
Hi! I love to journal now, after many many years of staring at empty pages in pretty books wishing I knew what to write. Journaling is different for everyone. Below is a blog post I did about journaling, and it's what I do.....
1. Buy (or make for that matter) a journal that attracts your attention and makes you WANT to use it. If it's different from everything else you'll feel more inspired. Get a hardcover.
2. Don't use pencil, and don't cross stuff out. Pen of any color makes it more exciting!
3. Write TO somebody or something. God, a pet, anything.
4. NEVER EVER go back and cross out or change anything you wrote before. Just make a new entry and say "I didn't mean that" or "I was so weird" or something.
5. Put it in a place where it can be safe, but also that is easy to get so that you don't have the excuse of saying you don't feel like getting it.
6. Don't put many photographs or mementos in it. A few are okay but if it has alot it doesn't feel like a journal anymore and you are using up writing space. Make a scrapbook instead for those things!
7. Don't talk about it to people that much. It's your own personal thing.
8. Don't date it! Know the date you started it, but then don't put the date after that! If there is a date you feel like you can't do it anymore if it's been a while. And it's another thing you have to remember. If there's no date you can write whenever you want. And if it's been a while just write that it's been a while! haha.
9. Don't rush yourself when you're writing. You won't remember everything and it won't really be a journal entry, just a side note. Make time for yourslef to do it. Either in the morning before your day is started or at night when it's over.
10. Have fun! Don't set limits! Don't say it can only be about one rage of subjects, let yourslef write whatever!
11. Keep your Bible with you when you journal. You may need it to reference on while you're writing and also it's sometimes fun to end with a "random verse" or a verse that's been stuck on you lately.
12. Don't be afraid to be random! Write down a song stuck in your head, a saying you just made up, a joke you told, anyhting. Something you can't stop thinking about. SOMEONE you can't stop thinking about.....
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That should come out in 'discovery' see a lawyer, or 'We the People.'
What is the Entry for Revenue earned by the Branch office in branch accounting?
Branch retained earnigs - Debit Profit from Branch - Credit Bank account - debit Branch retained earning - Credit Current account - Branch - Debit Bank Account - Credit
Inherent Goodwill is unrecognized goodwill because the business is not acquired so it is inherently apart of the business. When the business is acquired goodwill is affixed an amount at its fair value.
What is single best source of cash for business?
Collections from customers, because it results from the core operating activities of the business and does not create liabilities.
What will be the journal entry dental supplies purchased in cash and used at a later time?
[Debit] Dental Supplies
[Credit] Cash
How do you find the universities a deceased person received their degrees from?
I do not believe there is a centeral data base that collects this kind of information. You might think about family and friends, or places of employment for information if possible.
What is the Journal entry for gain on sale of equipment?
debit accumulated depreciation
debit cash
credit asset
credit gain on sale of asset
Debit to Cash (or Accounts Receivable) for the sale Price. Debit to Accumulated Depreciation for the total amount of depreciation charged against that piece of equipment since its original purchase date. Credit to Equipment account for the original purchase price. Credit to Gain on Sale of Fixed Asset (or Other Income) for the difference needed to balance the entry.
Total amount of the liability accounts reported on the post closing trial balance is?
the liabilites and the owners equity
Leverage
Revenue is equal to credit sales?
Revenue is often used synonymously to the word sales (cash & credit both)
Identify typical users of financial reports and their interests or needs?
The users of financial reports include present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies and the public.
