Financial Statements

It means that for every transcation, two entries are made into the accounting books and thus, everything should be in balance. It means that for every transcation, two entries are made into the accounting books and thus, everything should be in balance.

A non-financial budget deals with non-tangible items like time. How much time you spend with one friend or another, how much doing work, chores, having fun, etc.

These are accounts that are set up to post between companies. For instance, one company pays health insurance for it's self and another company. A portion of the payment is an expense of that company and a portion of that payment is due to the first company from the second company. So, instead of the two companies having to pay each other for every transaction every day. The due to/from intercompany account gets credited and debited so that all the transactions for the period (usually each month) are netted and one check is cut.

The auditor's function in ensuring that the organisation conforms to policies procedures and statutory matters.

Because Assets = Liabilities + Equity. (Net Assets is equity ... with a fancy name and broken into components.) And just to clarify:

1. It's Total Liabilities + Total Net Assets - not just unrestricted net assets, unless you're using a prescribed form that deviates from GAAP. 2. This is regardless of the statement being combined / consolidated, etc. Assets = Liabilities + Net Assets (Equity).... keep it simple and you woun't get confused!

A business can be a corporation, a partnership, or a sole proprietorship. A corporation is incorporated at the state level. A sole proprietorship is one person in business. A partnership is two or more persons with an agreement on who has which assets and liabilities and income. Partnership accounting is doing the books for the partnership. For IRS purposes, a partnership return must be filed each year.

Answer

Usually scrap Inventory is written of as waste or included in the running operations of a company because while it may be called scrap, it may have a use. If it doesn't have a use it's usually sold to the highest bidder and that money goes back into the budget for the following year.

what is mean by assets register?

Selling Expenses are the expenses directly related to producing sales. Typical Selling Expenses would be Advertising and Salesman's Commissions.

Yes. the are counted as a non-financial asset.A prepaid expense is a considered an asset because it entitles the company to receive a benefit in the future. They are normally classified as a current assets because usually the benefits will be obtained within a year or a business cycle; whichever is longer.

Cost of Goods Sold = Opening Stock + Purchasing - Ending Stock

Direct labor cost is that labor which directly related with manufacturing of products like machine workers etc while indirect labor cost is that labor cost which directly not manufacturing product but required as well like line mangers or factory supervisors salary etc.

Under the allowance method, entry would be: Allowance for Doubtful Accounts (DR) Account Receivable (CR)

1 - cash flow from operating activities
2 - cash flow from financing activities
3 - cash flow from investing activities.

Essentially, they are taxes that are 'deferred' to a later time. Tax Liabilities are typically taxes you are required to pay on income, or profit, you have obtained. Being able to 'defer' them is a means by which you are allowed to push them off until a future date when your tax 'status' would place you in a tax bracket that withholds less taxes from your income (as in when you retire).

the organizational chart of marriott's hotel is their plan n how to prepare their things

Debit: Vacation expense Credit: Vacation accrual

After an asset is fully depreciated, the assets and accumulated depreciation accounts are zerod together in the beginning of the next accounting period. When an asset is fully depreciated but still operates in the company, accountants usually leave the asset and its accumulated depreciation accounts in the records even after it's fully depreciated and even through next periods, just to show that this asset still exists and operates.

operating expenses/operating income

Net income is your revenues minus your expenses.

For example, if a store had $100,000 in sales, but their expenses for rent, employees, supplies, etc is $60,000 then they had a net income of $40,000.

A fixed expense is an expense that a business or individual is obligated to pay, such as rent or mortgage, utilities, salaries, loans, etc. that cannot decrease over the short term without major changes in resources or facilities

There is no such thing as unexempt assets. They are called non-exempt assets, and they are assets that must be given up.

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