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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.
The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization
Q. What is sales transaction? - In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer. - An invoice is a document prepared by the
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Q. Explain Accounts payable? Accounts payable are amounts owed to suppliers meant for goods or services purchased on credit. Accounts payable are usually due in 30 or 60 days a
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How do you do cross-indexing?
Selling the rights to the quantity owing by debtors to a finance company for an agreed amount (which is a lesser amount of than the figure at which they are recorded in the account
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Explain the term- Depreciation This is a term which is used to describe the expense which results from loss of usefulness of an asset because of age, wear and tear, and obsoles
Ordering inventory at a regular and set time interval
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