What is Shadow Balance Sheet? Where it is used?
If Irrevocable Letter of Credit is backed by a CD. How do you account for it? Will it be on Balance Sheet or is it just a Footnote item?
Latest Answer: Letter of credit is always backed by Fixed Deposit. Bank does not issue letter of credit unless and until it has tangible securities provided by you pledged in bank's favour.Moreover bank charges some amount as well for doing all this work.In practice, ...
How is working capital arrived?
Latest Answer: Working capital can be classified into two types gross working capital and net working capital. The total of current assets is known as gross working capital and the difference between the current assets and current liabilities is known as net working ...
What is a Control Account? How will you create a control account?
Latest Answer: A control account in GL is a summary of sub ledger accounts that can not be represented individually in GL because of thier huge numbers e.g. the number of vendors for a company can be numerous and it may not be practical to fit them directly into GL. ...
How will you treat pre-paid insurance in balance sheet?
Latest Answer: The words "pre-paid insurance" are self explanatory.What is pre-paid insurance? The insurance that is paid in advance, before due date. This is treated like current asset. The exact treatment is like this:Whatever amount that is spent on insurance ...
What is the steps taken before approving any Invoice
What is the full form of acronym FPNA?
Latest Answer: Fellow Professional National Accountant ...
A survey showed that average sales of a shopkeeper during last three days have been 45. If the sales on first and second day have been 34 and 5 find out the sales of third day.
Latest Answer: I believe this is not really an accounting question.The answer I think is- 96 units.Explanation: Average of last 3 days is 45 that means total sales 45x3= 135 units1st day sales is 34 and 2nd day 5. That means 135-(34+5) = 96 units.Correct me if I am ...
Volume of trade in a company over past four days has been 3431, 4532, 2789, and 5467. Find out the rate of changes day to day.
Latest Answer: Again an arithmetics question.1st day 34312nd day 4532 = ((4532-3431)*100/3431) = 32.08977 % change3rd day 2789 = (2789-4532)*100/4532 = -38.4598 % change4th day 5467 = (5467-2789)*100/2789 = 96.02008 % changeIs this what you are asking for? ...
Rates and ratios are often interpreted as same. Differentiate between the two giving at least two examples.
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