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Q. Describe about Expense?
Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditures aren't expenses. Forinstance, a company buys a truck. It trades one asset - cash - to attain another asset. Anexpenditure has taken place however no expense is recorded. Only as the truck is depreciated will anexpense be recorded. The notion of expense as different from an expenditure is one reasonfinancial reports don't show numbers which represent spendable cash. Distinctionbetween an expense and an expenditure is significant in understanding how accountingworks and what financial reports mean. (To expense is a verb. It means to charge anexpenditure against income when expenditure occurs. Opposite is to capitalize.)
Define FBT (Fringe Benefit Tax)? Ans) The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is likely to pay any FBT and may
What is procedure for testing after implementation as functional consultant? Ans) Testing involves a step by step check of several transactions configured in the SAP system.
decrease in assat & decrease in capital
What are the accounting Principles?
Q. Example of physical inventory? Taking a physical inventory may perhaps disrupt the normal operations of a business. Therefore the count should be administered as quickly and
State the term - Partnership A partnership exists where at least two individuals carry on a business together with intention of making a profit. Partnerships have much in commo
Wings Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative 1%, preferred stock of $40 par, and 50,000 shares of $120 par common. Durin
1. what is accounting ? 2. what should we/i do to know accounting 3. what are the basics of accounting? 4 is accounting is hard ?
Discuss and give reasons why a business would act in a socially responsible manner. Part A: 'Two of the key accounting reports available to users of accounting informati
Q. Importance of proper inventory valuation? A merchandising company is able to prepare accurate statements of retained earnings, income statements and balance sheets only if i
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