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What is the difference between cash accounting profit and loss and accrual accounting profit and loss?
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
Why you prepare profit and loss account?
as simple as that to know the net profit or loss from business in an accounting period. for more about financial accounting visit indianaccounting.blogspot.com
What is abnormal loss in cost accounting?
Abnormal loss is an unexpected loss in financial assets in business activities.
Define contingent liabilities?
types of liabilities also used in accounting matter in business level accounting. when use this liabilities at money goes outside also get some types of loss but not actual loss of the company's accounting departmental also.
Is there a link to a profit loss statement online?
You can find a profit loss statement at www.accountingcoach.com/online-accounting-course/04Xpg01.html. If you have an accounting software they should also include one with that.
What is a tax loss?
In accounting terms, the tax loss is a loss that can be adjusted against a taxable profit figure in earlier period of trading.
What is the concept of hedge accounting about?
Hedge accounting is basically a way for two things to come together so when one of the two shows a loss, the other will offset that loss and help it to break even. Hedge accounting seems to be a very complicated process that businesses use.
What unit of measurement is used in management accounting?
profit and loss summary
What actors and actresses appeared in Accounting for Loss - 2010?
The cast of Accounting for Loss - 2010 includes: David Gruniger Jenny Maass Taylor Rink Don Rua Nick Rua Jessica Venera
What is the inventory system in accounting?
Inventory system is more likely recorded in the Balance Sheet section in accounting. It will not be at the Profit and Loss section.
Differentiate the Financial Accounting from Cost Accounting and Management Accounting?
to know the financial position(i.e. profit or loss) and cost accounting to know the cost price of product of business and management accounting is to take the decision based on financial and cost accounting to prepare bugdget, analysis etc
Are the proceeds from the sale of a building included in net income?
No proceeds from sale of building is part of cash flow statement while profit or loss on sales of building is part of net income in accrual base accounting while cash base accounting it is part of net income or loss.
