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What is the difference between perpetual & periodic inventory system?

Asked By: johnmathew986 | Asked On: Feb 22nd, 2006

Answered by: Mahmood on: Sep 11th, 2014

Perpetual is used for daily record or record as up to date of a good sold.. And Periodic is used for a long or a period ended record, periodic is used for a period of 1 month , 6 months or a year.. I hope u understood the difference between both.. Mahmood Latif..

Answered by: Sikander Riaz on: Jul 6th, 2012

In periodic costing we come to know about the cost incurred at the end of the time period, whereas in perpetual cost we know about the cost incurred at each and every moment. Perpetual inventory system uses LIFO,FIFo and average cost method

What are MIS reports and how do you prepare it?

Asked By: Syed Imaduddin | Asked On: Dec 6th, 2006

Answered by: Ravi kumar pandey on: Sep 13th, 2014

MIS is management information system .

Answered by: Ashwan. mohammed on: Sep 11th, 2014

MIS provides information that organizations require to manage themselves efficiently and effectively. MIS are typically computer systems are used for managing.

What is the provision? What is the entry for provision?

Asked By: vijay | Asked On: Jun 7th, 2007

Answered by: Anand on: Aug 25th, 2014

Expenses A/C Dr

To Provision A/C

Answered by: Leonard on: Jun 20th, 2014

Provision is a present obligation whether legal or constructive from the past event that is probable for an outflow of future economic events and it is reliably measurable.

How to make a VAT entry in books including setoff?

Asked By: sandeepkelkar | Asked On: Feb 9th, 2009

Star Read Best Answer

Editorial / Best Answer

Answered by: mcgozon

View all answers by mcgozon

Member Since Mar-2009 | Answered On : Mar 26th, 2009

1.  Purchases
        Accounts Payable                  xxx
        VAT Input                              xxx
            Cash in Bank                               xxx
                Purchases recorded for the month.

2.  Sales
         Accounts Receivable              xxx
             Sales                                             xxx
             VAT Output                                    xxx
                 Sales recorded for the month.

3.  Set Off
         VAT Output                            xxx
             VAT Input                                        xxx
             VAT Debit & Credit Account             xxx
                Transfer of Surplus to VAT Debit & Credit Account.

4.  Payment
          VAT Debit & Credit Account     xxx
             Cash in Bank                                  xxx
                  Payment of VAT reported for the month of ______.

Answered by: praveen on: Aug 10th, 2014


Answered by: lakhan lal on: Dec 24th, 2013

Vat entry full

Master data goverance

Asked By: sshadle | Asked On: Jul 22nd, 2014

What is the difference between master data goverance and master data management?

Answered by: Arvind on: Aug 8th, 2014

Management is an age-old term that is synonymous with ADD/MOD/DEL of Master Data (master data is those bits of info which dont change or change very rarely, for ex Customer details like Name, Address,...

Cash management service

Asked By: Hermann Robert Asha | Asked On: Jul 31st, 2014

What is the difference between payments-liquidation(disbursements) & dividend warrants liquidation? Both of these products comes under cash management services

What is the difference between personal account real account and nominal account ?

Asked By: ferozbm | Asked On: Mar 8th, 2006

Answered by: priya on: Jul 12th, 2014

Personal a/c : debit the receiver credit the giver
Real a/c : debit what comes in credit what goes out
Nominal a/c : debit all expenses and losses credit all incomes & gains

Answered by: kaseeswar on: May 29th, 2014

Personal Ac Principles Debit the Receiver, Credit the Giver,
Real Ac Principles Debit what comes in ,Credit what goes out,
Nominal Ac Debit all expenses and losses, Credit all Incomes and Gains.

Mro center (aviation) accounting

Asked By: hamed.m | Asked On: Jul 11th, 2014

Hi, I need information about financial and cost accounting in mro center (aviation) .

Answered by: Shrutika Rastogi on: Jul 18th, 2014

Financial accounting deals with arrangement of funds whereas cost accounting deals with management of cost and cost centers,cost control.

Liabilities are on lEFT side and assets on right side in balance sheet

Asked By: dinesh_rakwal | Asked On: Nov 14th, 2007

Why always liabilities are on lEFT side and assets on right side in balance sheet?

Answered by: Ankit Jain on: Jul 9th, 2014

Liabilities side of balance sheet deals with how the funds are raised whereas the assets side of balance sheet deals with how the funds are invested. Firstly the funds are raised (by incurring liabili...

Answered by: steadyshot23 on: Mar 18th, 2010

The accounting equation is Assets= Liabilities + Stockholders EquityAs you can see the assets  are on the left and Liabilities are on the right. On the Balance sheet Assets are reported first and Liablities and Stockholders Equity after.

Difference between accounts and finance

Asked By: Gorakh.sharma | Asked On: Dec 28th, 2006

Answered by: falak zeb on: Jul 8th, 2014

Accounts means the record of transaction for stakeholder and decision making as well on the other hand finance means funding firm different source as equity or debt

Answered by: Deep chandra singh on: Jul 2nd, 2014

Account : work day to day all transaction maintain and make a report for finance required.
Finance : work maintain company fund and prepared final accounting report.

What is difference between cash and fund?

Asked By: anitha | Asked On: Jul 18th, 2007

Answered by: Mou on: Jun 22nd, 2014

Cash is an asset but fund is liability (Like shareholders fund or Creditors Fund etc.). Fund is greater concept which may or may not be in liquid form where as cash is a liquid asset.

Answered by: sunandpanda on: Sep 24th, 2007

A financial institution that sells shares to individuals and invests in securities issued by other companies is called fund & we can also define this as reserve of money set aside for some purpose is ...

What account is salary outstanding

Asked By: Sajith | Asked On: Jul 5th, 2007

What account is salary outstanding? Is it real, personnel or nominal account?

Answered by: Shummy Antony on: Jun 2nd, 2014

The rule of Nominal Account is "Debit all Expenses and Losses, and Credit all Income and Gain"

Answered by: Raj Kumar (R.S) on: Mar 24th, 2014

Salary a/c Dr.
To Outstanding salary a/c


Asked By: mukesh55551 | Asked On: Jan 31st, 2013

Number of reconciliation

Answered by: priya on: May 13th, 2014

My opinion is reconciliation is a differences between the bank passbook and customers cash book

Answered by: Hemanta Behera on: Mar 19th, 2014

Reconciliation is the part to tally every transaction.

Documentation on templates of aSAP methodologies

Asked By: Gidi1206 | Asked On: Apr 14th, 2014

Blueprint template for fi/co (financial accounting & controlling, a/p (accounts payable) & a/r (accounts receivable)? documentation on templates of aSAP methodologies?

What is bank reconcillation statement ?

Asked By: vijay kumar | Asked On: Aug 16th, 2006

Answered by: Karthik on: Apr 8th, 2014

It is a justification statement prepared by an accountant to justify the differences between bank balance and cash t accounts of the firm

Answered by: Joseph Dayondon on: Sep 26th, 2011

BRS is a statement prepared by the company matching the bank ending balance as stated per bank statement to the companies ending book balance. Normally, BRS is prepared monthly after the bank has sen...

Differentiate between standard remittance and bills receivable remittance?

Asked By: shellywade | Asked On: Oct 13th, 2012

Answered by: Hemant on: Mar 19th, 2014

Standard remittance is the part credit sales against any other documents.Bill receivable remittance is the part of credit through Bank.

Trading applications

Asked By: jiya.rai | Asked On: Oct 8th, 2013

Can anybody give me example regarding trading applications i.E. What are the sample test plan/test cases for trading applications???

Answered by: Hemant on: Mar 19th, 2014

Trading application is the part of trading business.the business which transaction made none productable business.


Asked By: nictian | Asked On: Aug 24th, 2008

Why depreciation is not charged on land?

Answered by: nabasmita bordoloi on: Feb 28th, 2014

Depreciation refers decrease the value of tangible fixed assets due to wear and tears, technology obsolesces , passes of time etc. but land is a tangible asset which value never decreases. land value is always appreciated.

Answered by: Dasrath on: Aug 10th, 2013

Depreciation in known as gradual decline in the usable value of the asset due to various factors i.e technological changes etc.

What is the fictitious assets?

Asked By: ravin | Asked On: Jun 15th, 2006

Answered by: Narasimhaprasad K on: Feb 24th, 2014

Fictitious Asset mean is an asset which can added as advantage for instance a preliminary expenses for registration of asset and copy right and trade mark expenses is called fictitious Asset...

Answered by: chelu on: Feb 21st, 2014

Fictitious assets are called intangible asset, the assets which is not having physical presence and which cannot touch it, only we can feel and realize. Ex: Goodwill, copy rites and patents etc.,

What is difference between retail invoice and cash receipt? Can retail invoice be considered as cash receipt?

Asked By: Suresh Shah | Asked On: Jan 3rd, 2013

Answered by: Narasimhaprasad K on: Feb 24th, 2014

Retail invoice is for detailed product or services details as price per Quantity, rate, and Tax on product and Unit of measure...etc.,

Answered by: seema on: Feb 24th, 2014

Retail invoice is issued against cash or unregistered dealer & it can be considered as cash receipt if retail invoice is to be issued against "CASH".

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