Financial Statements

(Quoted from answers.com): Usually a temporary account containing costs or amounts that are to be transferred to another account. An example is the income summary account containing revenue and expense amounts to be transferred to retained earnings at the close of a fiscal period. (Quoted from www.teachmefinance.com): A a bank account used by a mortgage servicing company for the temporary, short-term deposit of mortgage payments that have been collected and are either awaiting transmittal to investors who bought the mortgages or awaiting deposit in escrow accounts. (Quoted from www.ofm.wa.gov/policysc/glossary.htm): An account used to accumulate total charges or credits so that they can be distributed later among the accounts to which they are allocable or so that the net differences can be transferred to the proper account.

in stockholders' equity

We run a pack & ship in a small rural community (About 5000 people) and have been running this store for five years. Everybody loves us and everybody wants us to stay, but we make zero profit. The business pays its own expenses but does not afford any salary at this time. Hope this helps.

In accounting, especially for government operations, a "capital reserve fund" holds money that the officers or taxpayers have set aside for a specific purpose. The fund can be invested and grown, but can only be spent on the allowed purposes, unless new legislation is passed. The general fund can be spent for any legal purpose, or portions can be "earmarked" for a particular purpose, or put into capital reserve for spending on that purpose later.

Hi .... To ans to ur question, I would like to giv u one example.. If Company X issue cheques for more than its bank balance and sends them to its vendors. When the cheques get back to Company X's after checking its account, at that time Company X's bank will have two options when Company X's checking account does have not sufficient funds to cover the cheques: 1. The bank could pay the cheques and allow Company X's checking account to be overdrawn. (Some call this an unauthorized loan by the bank.) Company X then has the obligation or liability to repay the bank for the courtesy extended to Company X. 2. If Company X's bank does not pay the cheques because the account has insufficient funds, the bank will return the cheques as NSF (not sufficient funds). These cheques are returned throught the banking system and eventually the bank of the payee will take the amount of the cheques from the payee's checking account. The payee will in turn reinstate the liability amount owed to it by Company X. In essence Company X did not eliminate its liability to the payee by issuing a worthless cheques...........

Provide information about the operating ,investing and financing activity of an entity during a period

GAAP accounting insures that financial statements can be relied upon by people outside the company such as banks and investors. It allows them to assume that the Balance Sheet and Income Statment have been prepared in a logical and accurate fashion and can be relied upon to make decisions about the company's financial position.

Accounts receivable management is a process of granting credit to customers as well as then receiving money at maturity time. Accounts receivable management includes activities like:

1 - Credit limit

2 - Credit time

3 - Discount allowed etc.

Fundamentally, a revaluation surplus and a revaluation reserve is the same. A revaluation reserve is a revaluation surplus obtained from evaluation.

Subversion refers to any attempt to change the established order of society, its power structures, and its hierarchy. Internal subversion refers to attempts made by those within the system.

land

yes

Depreciation expense can be allocated to Administrative Expense or Selling & Marketing Expense or even to Cost Of Goods Sold. The amount of allocation and how that is done is specific to the type of business or industry.

I think its to make persons in a organization aware of certain changes.

about 6%

Because net profit is the increase in capital for the period of time, and must be added to capital to reflect its true value.

Answer Anyone who has Power of Attorney has to go to these financial instutes with the papers that were granted by a court of law and show them as proof before any financial instution will release anything. The reason for this is security. Anyone can say they have Power of Attorney so the banks will demand that proof is given before they release anything to anyone.

That really depends on several things. What accounting method are you using?

Has the equipment been depreciated down to salavage value?

Has the equipment actually been paid for yet?

Yes, initially, you would debit your cash account for the amount received for the equipment, but you wouldn't stop there. A lot of other accounts would be affected as well.

If this equipment has already been depreciated down to salvage value, and you receive more than salvage value in cash for it, then you have a capital gain. If you sold it for less than salvage value, you have a loss. What is the current value on the books for this equipment? If you sold it for more of less than that value, you have a gain or a loss.

Do you even have this equipment listed as assets?

Typical components on a Customer Statement:

Date of Statement

Customer Name & Address

Customer Number/Account Number

Detail of charges for the month (or other period) such as: date of invoice, invoice number, invoice amount.

Beginning Balance

Current Charges

Payments Received

Balance Due (Current and Past Due)

Cash float is a term used to describe a bank account that is set up to specifically float money from one business to another business. The purpose of this is to enhance the perceived value of one of the businesses.

yes it is. it is an income statement account

A cost that you do not have to pay until a certain date.