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How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea
Q. Describe about Capital? Capital -- money invested in a business by its owners. On the right side or bottom of a balance sheet. Capital also denotes to machinery, buildings a
Q. What do you mean by Stock? Stock -- a certificate (or electronic or other record) which indicates ownership of a portion of acorporation; a share of stock. Preferred stock p
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Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co
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Fixed asset are assets which provides the business future benefit Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from whi
Q. Explain about Predictive value and feedback value? Several suggest using a different valuation basis such as current cost in reporting such assets. Predictive value and feed
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In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?
Firstly, clear mark or file all barter income and expense documents as "bartering," and retain all original source documents pertaining to your barter transactions. You are require to credit - Bartering Income and then debit the expenses for the services your company received.
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