Accounting Reports
Explain the different types of payment and charge reversals?
What are the various items fall in balance sheet
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Answered by: baubisingh
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Member Since Nov-2010 | Answered On : Nov 15th, 2010
(A)asset side items are
1 cash in hand
2.cash at bank
3.debtor
4.land ,building
5.prepaid expenses
6. bills receivable
(B)liability side
1.capital
2.bank over draft
3.creditor
4.outstanding expenses
5.bills payable
Balance Sheet of XYZ, Ltd. As of 31 December 2012 ASSETS Current Assets Cash and Cash Equivalents Accounts Receivable (Debtors) Less : Allowances for Doubtful Accounts Inventories Prepaid Expenses I...
Asset side items are:
a)Fixed assets
b)Current assets
c)Loans and advances
d)Other income
Liabilities side items are:
a)share holder funds
b)loan funds
c)current liabilities
d)provisions
e)miscellaneous expenditure
What is MIS report in accounting and how do I prepare it ?
MIS is known as Management information system. Mainly in Accounting the MIS is made for know about the day to day accounting, Debtor and Creditor, Cash and Bank balance availability in the Company accounts.
MIS report means Management Information System. MIS is prepared to know the day to day transactions of a company. Simply to know the position of the company ( profitability or loss).
Income(sales-export,domestic,job work)- Expenditure(manufacturing, administration,S & D,Financial expenses).
Why are contingent liabilities ever recorded—why not just wait until a lawsuit is settled? What accounting concepts apply to this situation?
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Answered by: nkamuni_mca
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Member Since Dec-2007 | Answered On : Mar 9th, 2010
Contingent Liability is the liability which may / may not occour in future... So, it is shown as notes rather then in balance sheet... Once, the liability become's real then it will recorded in books.
Contingent liability nothing but liability it will occur uncertain future events like product warranty.
Contigent libility is a libility which may arises from the future uncertain events eg:erthquake, monsoons etc.,
Why we cannot depreciate stock
Stock item has only stock master no Ledger AC, so we can give only Provision for Slow moving stock, cant give depreciation. Depreciation is only for Fixed Assets
As per my knowledge stock is not our fixed assets, either it will be sold in future or will be utilized in production of some other products which will be sold in future to generate income for the company, hence it our current asset. And deprecation can be charged only on fixed assets.
What is an aging report in accounting ?
Aging Report is called Vendor wise & Customer Wise Outstanding - Report
Example : 30 days , 30 to 60 days and crossed 180 days... - Balance Report
How to do finalization of accounts,any one example?
Finalization of accounts is preparing financial reports in comparison with briefing of companys financial reports. Which include Income ,Cash flows, Balance Sheet, Policies, disclosures, and Equity.
Required MIS reports for business feasibility study - (format with total revenue and expense )
A management information system (MIS), Prepare monthly Profit and loss account, analysis of material consumption and other major expenses, asset acquisition
Thanks
Amrutkar
A management information system (MIS) is a subset of the overall internal controls of a business covering the application of people, documents, technologies, and procedures by management accountants to solve business problems such as costing a product, service or a business-wide strategy.
Who is responsible for maintaining the accounts receivable in an organization?
that`s right that accountant is responsible for the all transaction in the business because he handle all the accounts
and its his responsibility is he will maintain the all transaction like sales , purchases, creditors and debtors and all the activities.
This is based on Company, In MNC's different works are done by different people but in small companies all accounting is done by accountant which includes Receivables, Payables, Banks,cash etc.,
How many methods are used to calculate depreciation
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Answered by: kordar
Member Since Jun-2008 | Answered On : Jun 18th, 2008
3 popular types
1st straightline
2nd declining balance
3rd Sum-of-Years' Digits Method
There are two types of method to calculate depreciation 1) Straight line method and 2) Reducing line method
There are 3 methods for calculating Depreciation
a) Straight line method
b) Written down value method
c) Declining method
Generally all most all the companies are using SLM and WDV methods for calculating Depreciation.
How do you book a letter of credit in your books?
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Answered by: vijay.rathinavel
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Member Since Mar-2010 | Answered On : Mar 10th, 2010
The Money Behind a Letter of Credit.
A bank promises to pay on behalf of a customer, but where does the money come from? The bank will only issue a letter of credit if they know the buyer will pay. Some buyers have to deposit (or already have) enough money to cover the letter of credit, and some customers use a line of credit with the bank. Sellers must trust that the bank issuing the letter of credit is legitimate.
A letters of credit is a contingent liability of a particular bank and a contingent liability is shown as foot note of the balance sheet
Credit purchase means purchase account dr to party account cr.
What is the difference between cash basis and accrual basis balance sheet?
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Answered by: VISWANATHA
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Member Since May-2009 | Answered On : May 2nd, 2009
Under cash system of accounting, transactions are recorded in books on the basis of their actual payment or receipt made.
Under the accrual basis of accounting, the transaction are record on their occurrence in the business regardless of actual payment or receipt is made, and recognizes the assets and liabilities accordingly. provisions are made for all known losses and obligations are recorded for the period to which it relates to in the books.
Cash basis transaction is recorded when the cash moves from hand to hand, Ex:Rs.200.00 stationery purchased and paid. Accrual basis means transaction is recorded with out flow of funds from our hand, Ex:Raw material purchased on credit basis, all payables are comes under accrual basis.
In the cash basis account transaction are recorded only cash in flow or outflow (cash paid or received ). but in the accrual basis we consider as a actual paid or received in this case we consider rent due,outstanding rent, outstanding salary, prepaid rent, etc considered.
How does it help to management in taking the decisions?
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Answered by: kothari625101
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Member Since Jul-2009 | Answered On : Jul 24th, 2009
It is forecasting of expenses/income of company which can made by our past records or by some assumption.
It is nothing but estimating future based on past
decision depends on the budget.
What is difference between forecast and budget
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Answered by: praveenpotturi
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Member Since Aug-2010 | Answered On : Aug 19th, 2010
A Budget is a plan that outlines an organization's financial and operational goals. So a budget may be thought of as an action plan; planning a budget helps a business allocate resources, evaluate performance, and formulate plans.
Forecast: Due to some operational reasons or managment decision plan maynot be followed as it was done in the begining of the year. So this is changed accordingly to comply with the organisations objects. This change in plan is called forecast.
Budget means planning future based on past, it is short period i.e., one year
Forecasting means estimating future for making planning,generally it is long period.
A Budget is a plan that outlines an organization's financial and operational goals. So a budget may be thought of as an action plan; planning a budget helps a business allocate resources, evaluate...
Expenditure reports, monthly allotment reports, quarterly reports
Give me examples of the accounting reports you have prepared?
What procedures are in place to ensure that a sponsored project is carried out in compliance with the terms, conditions and financial management and reporting requirements of both the municipality and provincial treasury
Suppose the Bank has granted the loan for specific project for example to invest in the additional capacity production of the company by investing in new equipment.Now the Compliance towards the corpo...
How to place journal entry for purchase order in books of account ?
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Answered by: dhulipala
Member Since Jun-2010 | Answered On : Jun 24th, 2010
Generally there is no journal entry at the time when one receives a purchase order as this receipt of purchase order cannot be recognized as revenue at this point of time.
But under following circumstance there would be an entry:
when any advance is received:-
Cash/ Bank Dr
Party account
Generally there is no journal entry at the time when one receives a purchase order as this receipt of purchase order cannot be recognized as revenue at this point of time.But under following circ...
Explain variance analysis with example?
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Answered by: jaimyjobish
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Member Since Apr-2010 | Answered On : Apr 16th, 2010
Variance analysis in budgeting or management accounting in general is a tool of budgetary control by evluation of performance by means of variance between budgeted amount, planned amount or standard amt and the actual amt incurred/sold.
Variance can be carried out for both revenue & cost. Variance analysis hepls the management to know the present cost & then control the future cost.
Examples includes sale price variance, sales quantity variance, sales mix variance.
Its is the analysis done on Actual Vs Plan or Forecast.
This analysis can be done in terms of how plan is done and how actuals have arrived.
The difference between standard and actual overhead is known as variance.
How to prepare funds flow statement?
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Answered by: MohitJindal
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Member Since May-2009 | Answered On : May 1st, 2009
A fund flow statement or a cash flow statement records the changes in monetary funds over a period of time, usually by comparing the latest position at balance sheet date with the corresponding monetary position a year ago.
There are various elements of business that affect fund/cash flow. These include such things as increased sales, reductions or increases in debtors, longer or shorter times in paying creditors, repayments of loans, etc., a summary of which should be shown on separate lines of the statement. It can start with a section listing the elements that contribute to an increase in cash, then the next section lists those items which have contributed to a decrease in cash.
Space (and time!) does not permit more comprehensive details of what is needed and how to do it. You should consult a text book on Financial Accounting and look at the fund/cash flow statement of a company similar to the one for which you wish to prepare such a statement.
At the end of the fund/cash flow statement, if you have done all your calculations correctly, and taken everything that affects cash movement into account, your final figure will equal the cash figure in the balance sheet.
A fund flow statement or a cash flow statement records the changes in monetary funds over a period of time, usually by comparing the latest position at balance sheet date with the corresponding moneta...
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Answered by: kumardurgam
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Member Since Feb-2006 | Answered On : Oct 17th, 2008
Gross Profit Margin = Gross Profit/Sales or Revenue
Gross Profit = Sales or Revenue - Cost of Goods Sold
We can simply express it as Gross profit/Sales*100
Gross Profit Margin = Gross Profit/Sales or Revenue
Gross Profit = Sales or Revenue - Cost of Goods Sold
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