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Which is the best approach for showing the detail of a consolidated hotel transaction in an expense report?
do not include the posted transaction but instead create an out-of-pocket expense for each line item of the hotel transaction
What is the process for determining the account fraction for a specific financial transaction?
To determine the account fraction for a financial transaction, you need to identify the specific accounts involved in the transaction and calculate the proportion of the total amount that each account represents. This is done by dividing the amount in each account by the total amount of the transaction.
True or false after each transaction the basic accounting equation should remian in balance?
true
What is perpetual stock- taking?
It is the use of record card for each item of stocks that shows the balance in hand after each transaction.
What is transaction trail?
A transaction trail refers to the chronological sequence of records and documentation that tracks all transactions and activities within a financial system or database. It provides a clear and transparent history of who conducted each transaction, when it occurred, and the nature of the transaction, helping to ensure accountability and traceability. Transaction trails are essential for auditing, compliance, and fraud detection, as they enable organizations to verify and validate financial activities.
What are typical financial advisor fees?
Financial Advisor fees usually occur per transaction or a flat fee to handle so much business. Typical fees are 10 percent of each transaction or flat fees of a couple thousand dollars.
Why does an account balance less than -40 dollars represent a debt greater than 40 dollars?
Unless they are reflected in the negative balance already, there are overdraft charges that you also owe. If the -$40.00 reflects more than one transaction that caused the negative balance, each transaction will have an overdraft charge.
Why do overdrafts have an ear?
Overdrafts have an ear because it is a fee charged by financial institutions when an account is overdrawn. This fee is typically charged for each transaction that exceeds the available balance in the account. It serves as a penalty for using more funds than what is available in the account.
What is the first step in the analyzing and recording process is to analyze each transaction and event from source documents?
The first step in the analyzing and recording process is to examine each transaction and event as documented in source documents, such as invoices, receipts, and contracts. This involves identifying the accounts affected, determining the nature of the transaction, and assessing its impact on the financial statements. Accurate analysis ensures that the subsequent recording of transactions in the accounting system reflects the true financial position of the entity. Proper analysis lays the groundwork for accurate bookkeeping and financial reporting.
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.
Why are control account balances reportedd in external financial statements while subsidiary accounts balances are not are subsidiary accounts useful to anyone?
A control account is a summary account in the general ledger. The details that support the balance in the summary account are contained in a subsidiary ledger. The purpose of the control account is to keep the general ledger free of details, yet have the correct balance for the financial statements. The details on each customer and each transaction are recorded in the subsidiary account. Hence, subsidiary account balances are not reported in financial statements because it is not necessary to see the details for every sale or every collection transaction. Yes, subsidiary account balances are useful to the sales manager and the credit manager who will need to know detailed information on individual customers, including whether a customer recently reduced their account balance.
What do i do in general ledger?
General ledger is the book of final entry of all business transactions of a company. Primarily, any end balance from the said ledger of all accounts used by a particular business enterprise is the...The all important books in the financial transaction is known as ledger.A general ledger is a summary of all transactions that occur in a company (this is not entirely accurate, the general ledger shows you the balances and debits and credits to each specific account but..
