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The range of accounting can be presented in a diagrammatic form.
Data collection and creation is the area that provides raw material for accounting. The data collected is 'historic' means that this refers to events that have previously taken place. Previously, accounting was largely concerned along with what had occurred, quite than making any attempt to predict and get ready for future.
After the historic data has been composed, this is recorded in accordance along with generally established accounting theory. A huge number of transactions or events have to be entered in the books of original entry as journals and ledgers in accordance along with the classification scheme previously decided upon. The processing and recording of information generally accounts for a substantial part of whole accounting work. Such type of activity of accounting may be termed as recordative. The processing technique utilized for recording may be manual, electronic or mechanical. Computers are also utilized broadly in modern business for doing such job.
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
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Explain the meaning of Payroll Deductions There are numerous deductions taken from an employee's earnings. These are deducted by employer before employee receives a check. D
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
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State the term- Purchases Returns and Allowances Purchases Returns and Allowances is the name of the account which provides better control of allowances and returns of mercha
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The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t
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