Business Accounting and Bookkeeping

Why do managers study information system? important, than other assets. The systems and resources processing such Information are also of major

How prime cost is different from conversion cost and Manufacturing Costs? Prime cost basically is the cost of direct labor and cost of direct material; whereas conversion

What the definition of the cost? Cost -the price paid to acquire, produce, accomplish, or maintain anything: . www.dictionary.com

What caused the demand for financial information? With the increase in the number of corporations, there also arose a demand for additional financial

How long do you keep records? In most cases records are kept for 7 years, although there are going to be some which are kept

What are the Accounts that comes under fixed asset? PP&E are considered the fixed asset accounts. Property, Plant and Equipment. These include

What is quasi–capital? and which will remain in a business as permanent capital is called as quasi- capital.

3 important activities in accounting process? real accounting, nominal accounting,personal accounting

What are GAAPs? © Business Entity Concept Accounting records be kept separate to owners records, other business etc. © The Continuing Concern Concept A business will continue to operate unless it is known that i

Is this satement true or false this statement is false? are true or false, but it is not necessarily true that all things that are true or false are statements

What is the reason for negative working capital? working capital is current assest minus current liabilities …when working capital become negative

What is it that was given to you? Unless I am misreading something, this question might need some clarity. Let me know when you update it and I will be happy to answer your question. Do you mean at birth? (then chromosomes)

Disadvantages of financial accounting? Cost accounting is usually involved with management accounting. Financial accounting tends to deal

Who is the father of double entry system? Luca pacloli .

What does infinity look like in numbers? is usually noted as { … -3, -2, -1, 0, 1, 2, 3, … }, implying that every negative whole number comes

What is the contribution per machine hour formula? The contribution per machine hour is the contribution per unit divided by the number of machine

What is the term for an increase in money or a decrease in goods? When the amount of money increases at a faster rate than the production of goods, the result

What is the journal entries for salary is paid to him? The journal entries for salary payments are (Dr = debit, Cr = credit): . Dr Salary Expense (P&L

Distinguish single and double entry system? Single entry records only one aspect of transaction, such as: – – Cash received

How does someone make a first in math account? You need approval from a teacher and have them make you an account, but it only lasts for 1 year

What account is affected in a account journal when you return office supplies that was bought? Say I purchsed $500 in Office Supplies on account, I return the office supplies, since I purchased

What are the rights of an external auditor? and the divident holders of the company

How do you solve a transaction using double entry system? First you have to understand the nature of the transaction, and be aware of any special rules

What are the disadvantages and disadvantages of monarchy? To know the advantages or disadvantages of monarchy, we have to know what is Monarchy. Once

How do you hybrid? 2 different types of combat, range-mage/str-mage

Is business accounting the best business? There is no such thing as a best business. The question should be, which type of business

How do financial statements help businesses achieve financial goals? Primarily answers the question of “where does (did) all the money go?” for both businesses and individuals. Lots of other benefits but that is the primary one, I think.

What are the nature and function of accounting? Numbers

What is prime cost sum in construction? The term “Prime Cost Sum” shall mean a sum provided for work or services to be executed

When you debit an operating expense what account do you debit? In my opinion, this question is wrong. . DR Operating Expense . CR Accounts Payable

Who is the owner of corporation? The owners of a corporation are its stockholders. For a privately held corporation, this might

Accounting transactions from source documents are recorded in a? journal

How does alternative energy decrease cost? The initial investment for alternative energy like solar panels or windturbines is usually quite high but then the fuel ,wind or solar energy is free.

What are the proper procedures for a change to the LIFO method of inventory valuation? Company should adjust its financial statements for each prior period presented. . Thus, financial statement info about prior periods will be on the same basis as the new accounting pricipal. . It adju

What are the Disclosure Requirements of Segment Reporting? , and amortization . expense . f. Unusual items as described in paragraph 26 of . APB Opinion No. 30, Reporting

Is Petty cash is cash and cash equivalents? yes, of course

How do you calculate tax on income of shares? To calculate the sale of stock shares, you must first enter the date and price of the shares

Is a cash advance to subsidiary considered cash? no, it’s A/R

Profit margin ratio? Profit margin is a ratio of probability calculated as net income divided by revenues, or net

What does per person twin share mean? It means that, for example if the hotel room for twin sharing costs 1000 and you are by your self

What is tally accounting package? It is a software that helps and refers to the act of systematically recordings, Verifying and reporting bussiness transactions such as purchase,sales.

What is Computer based accounting system? The Computer-Based Accounting Certificate of Completion Program prepares students for financial

Advantages and disadvantages of tape recording over disc recording? This has been and will continue to be argued forever, but here is my opinion. Tape: pros- actual sound waves recorded, bigger bass response cons- price, size, easily damaged Disc: pros- cheaper, ea

What is product cost as cost of market segmentation? When segmenting broad product-markets, cost considerations tend

What is the main purpose for having a purpose? I’ve spent a lot of time learning, and trying to understand why having purpose in life is so