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Q. What do you mean by Not-for-profit organizations?
Not-for-profit organizations such like charities, fraternities, churches, and universities need accountants to record and account for funds received and disbursed. Although these agencies don't have a profit motive they must operate efficiently and use resources effectively. About 10,000 accountants are employed in higher education. The deeds of these academic accountants comprise conducting scholarly, teaching accounting courses and applied research and publishing the results and performing service for the institution and the community. Faculty positions subsist in two-year colleges, four-year colleges, and universities with graduate programs. A major shortage of accounting faculty has developed because of the retirement beginning in the late 1990s of many faculty members. Preliminary salaries will continue to rise significantly because of the shortage. You may possibly want to talk with some of your professors about the advantages and disadvantages of pursuing an accounting career in higher education.
Explain the types of Financial Statements Income Statement . This is a summary of a business's expenses and revenue for a specific period of time. It ONLY shows expenses and r
Cash Flow Analysis: As per the Institute of Cost and Works Accountants of India (AICWAI), a Cash Flow Statement is a declaration setting out the flow of cash under different
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Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
Explain the business assets Withdrawal Withdrawal (Drawing) is removal of business assets for personal use by owner. This transaction decreases the asset taken and value of
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Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
Q. Verifiability of Financial information? Verifiability Financial information has verifiability when independent measurers are able to substantially duplicate it by using the
Create an adjusted trial balance & journal entries Bank charges of $932.70 were not recorded in the books for 2014. These were credit card fees charged by the bank for Edwards
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