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Establishing the Change Fund
Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Petty Cash fund.
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Determine the types of Credit card sales Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale. Recording Bank Credit Card Sale
In accounting, only those facts that can be expressed in terms of money are recorded. When money is accepted not merely as a medium of exchange but also as a measuring rod of value
A company pays rates annually/yearly in advance on 1 April every year. $4000 is paid by them on 1 April 2009 and $4800 on 1 April year 2010. The company's accounting year end is 31
Q. Show Recording changes in dividends? Recording changes in dividends ever since dividends decrease retained earnings increases appear on the left side of the Dividends accoun
The magnitude of operating leverage for Perkins Corporation is 3.4 when sales are $100,000, if sales increase to $110,000, profits would be expected to increase by what percent?
what is the implication of applying accounting concept wrongly
Q. Explain about Depreciation? Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But th
Q. What do you mean by Not-for-profit organizations? Not-for-profit organizations such like charities, fraternities, churches, and universities need accountants to record and a
State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one
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