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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 repair of machinary consider as direct cost?
yes repair of machinery that involve in production is part of direct cost.
How do youSelect the Group under which the Ledger is created from the List of Groups?
wich lerger comes under wich group
What are the Nature of Balance Sheet?
The nature of a balance sheet is to list every financial business and resource obligation that a business has. They detail many aspects like liabilities, equity, and assets.
What is the difference between a P and L Statement and an Income Statement?
They are the same thing.
"P and L Statement" is an older less-commonly used term for an "Income Statement."
What is the impact of the financial statement after bonus issue?
Impact on the companys balance sheet is:
Retained earning n the accumulated profits of the company decreases & the share capital with the same amount increases.
The entry passed is
Retaned earning/ Accumulated profits a/c Dr.
To Equity share capital
It is merely transferring the amount from accu profits to the equity cap a/c n not increase in any amount or cash with the company.
What are unfinanced capital expenditures?
Unfinanced means that the money was not borrowed from anyone. Capital expenditures is money spent on buildings and equipment. Therefore, unfinanced capital expenditures is money spent on buildings and equipment that is not borrowed.
What is the importance of the cash flow statement?
The statement of cash flows is a summary of the major cash receipts and cash payments for a period. This is important to a business to help them know where cash is going out to and where it is coming from and the amounts. This gives a more detailed account of cash in a company.
Is prepaid deposit intangible?
No, Intangible Assets generally refer to such assets that are not physical. A prepaid deposit will be considered a Current Asset, usually lasting a year or less.
Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured, which are created through time and/or effort and that are identifiable as a separate asset. These include such things as Patents, Trademarks, Goodwill, Copyrights.
Is reserves in a balance sheet a current liability?
No reserves s part of the capital of the company. Reserves are funds help back by the company to do other things in the furture. It is not a current liability.
Do you put GST or HST on the balance sheet?
HST paid goes on the credit side or expenses on the balance sheet
I imagine that you are thinking in terms of a one-time-only, never-to-be-repeated, paid-at-once expense that you don't have an expense account for? How about setting up an expense account for this? It need not be an account that is used all the time, but it will assist with the tracking of the 'event' that occurred. On the other hand, you could be talking about an 'event' that is going to need recording over several accounts and over a period of time. Can you provide more details?
How is the balance sheet linked to the other financial statement?
balance sheet is linked to financial statements as both statement are prepared for business authenticity, and are also link to each other because it is government requirements.
What are the world's 10 best institutes of Chartered Accountants?
The institutes from the following countries:
South Africa
Austrailia
Canada
Hong Kong
Scotland
New Zealand
America
England and Wales
Ireland
The above are the founding members of the GAA and the leading institutes in the world.
Accounting entry for capitalization of inventory as fixed assets?
Debit Depreciation Expense Credit Accumulated Depreciation
When using the Indirect Method how is depreciation expense recorded on the Statement of Cash Flows?
Operating Activity
Where does chart accounts begin?
The Chart of Accounts is the system of accounts that make up the General Ledger. This begins with our assets starting with the most liquid (cash) and numbered usually as follows.
1000 - 1999: asset accounts
2000 - 2999: liability accounts
3000 - 3999: equity accounts
4000 - 4999: revenue accounts
5000 - 5999: cost of goods sold
6000 - 6999: expense accounts
7000 - 7999: other revenue (for example, interest income)
8000 - 8999: other expense (for example, income taxes)
How do McDonalds make a profit?
They sell a product that people want (fast food) because of affective advertising, cheap prices, and ability to counter long lines of people. The ability to walk into an establishment with money and walk out with food quickly appeals to a socioeconomic system that equates time to money.
