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Q. What do you mean by account?
An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset, stockholders' equity item, revenue, dividend and expense. Firms set up accounts for every different business element such like accounts receivable, cash and accounts payable. Each business has a Cash account in its accounting system because knowledge of the amount of cash on hand is useful information.
Accountants may perhaps differ on the account title or name they give the same item. For illustration one accountant might name an account Notes Payable and another might call it Loans Payable. Both account titles demote to the amounts borrowed by the company. The account title must be logical to help the accountant group similar transactions into the same account. Once you provide an account a title you must use that same title throughout the accounting records.
The amount of accounts in a company's accounting system depends on the information requires of those interested in the business. The major requirement is that each account provides information useful in making decisions. Therefore one account may be set up for all cash rather than having a separate account for each form of cash like currency on hand, coins on hand and deposits in banks. The sum of cash is useful information the form of cash often isn't.
Q. LIFO under periodic inventory procedure? The LIFO (last-in, firstout) method of inventory costing presume that the costs of the most recent purchases are the first costs cha
How do you do journal entries for an item bought on credit and then later returned and the total selling price was 4,275.
GAAP that is Generally Accepted Accounting Principles encompass the conventions, rules and processes necessary to explain accepted accounting practice at an exact time........gener
Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha
Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
what is implication wrongly application of accounting concept#
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.
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The
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