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PROFIT AND LOSS ACCOUNT CONCEPTS:
The initial point in accepting the profit and loss account is to be clear about the
Significance of "profit". Profit is the return for taking risk. Profit has a significant role in assigning resources (land, labour, capital and enterprise). Put basically, falling profits indication that resources should be taken out of that business and put into one more one; increasing profits signal that resources should be stimulated into this business. The major task of accounts, so, is to monitor and measure profits. Profit = Revenues less Costs. So observing profit also means measuring and monitoring revenues and costs. There are two parts to this:-
1) Recording financial data. This is the 'book-keeping' part of accounting.
2) Measuring the result. This is the 'financial' part of accounting. Profits are 'spent' in three ways.
1) Preserved for future growth and investment.
2) Returned to owners, example, a 'dividend'.
3) Paid as tax.
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp
Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo
Treasurer: He is the custodian arid manager of each cash and near-cash resources of the firm. The treasurer arranges credit reviews and sets policy for collecting receivables as d
Are mailing lists are considered as prepaid or period expens?
what the accounts maintained in retail business
what are the types of assests
Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as
061689 bussines accounting and you All i need detail how to do it i watch video but im not understanding if anybody have more specific explanation details
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