What Account is Salary outstanding? Is it real, personnel or nominal account?
Latest Answer: Outstanding Salary A/c is a Representative Personal Account as it represents a group of people to whom some amount of salary is payable. Similarly other outstanding and prepaid expenses also fall under the category of representative personal accounts. ...
Who invented double entry system?
If i have paid for something why cant i expense the entire amount on the income statement?why do we need to make an adjustment to the insurance policy at the end of the year? wouldn't it have easier to record the entire balance as an expense in November when the policy was ?purchased?why do I need to take an inventory count of my supplies at the end of the year?If I receive the Hydro bill on August 5th, why don't we record the transaction for the next fiscal period rather then include
Latest Answer: Premises is and Fixed Assed in the accounting sense which is shown in the balance sheet in final accounts Vat adjustment is out put tax - input tax the vat which is paid on purchase will be decucted from vat colledted from sales this adjustment ...
Latest Answer: Provision means liabilities It means payable account it's an very usefull for controlling payable accounts like telephone charges, ESIC accounts, EPF accounts, EPF payable accounts Dr to EPF accountsESIC payable accounts Drto ESIC account ...
What are the advantages of Computer accounting over Paper accounting?
Latest Answer: There are more than thinkable advantages of computers for accounting purposes.First: For management accounting purpose, or for that matter if you are running a company, you need to know exactly whether you are on schedule. That can be done if the accounts ...
How to prepare finalisation accounts?
Latest Answer: The final accounts are:Manufacturing Account,Trading Account,Profit And Loss Account,Profit and Loss Appropriation Account andBalance Sheet.The process of finalisation is something like this:Prepare a Trial BalanceSee whether it agrees or notIf it does ...
Latest Answer: Capital receipt is a receipt when you sold any business asset like building, machine, furniture etc. Where as revenue receipt refers to receipt of sale proceeds, comission received, tax refund etc. ...
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