which accounting concept this?, Accounting Basics

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All relevant information and explanations about a business have been included in its financial reports

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Explain about closing process, Q. Explain about closing process? Expens...

Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret

General journal, owner invested 80000 cash and 2000 office equpmeent in to ...

owner invested 80000 cash and 2000 office equpmeent in to the business bank account

Describe about ledger, Q. Describe about ledger? A ledger (general ledg...

Q. Describe about ledger? A ledger (general ledger) is the absolute collection of all the accounts of a company. The ledgers are feasibly in a bound volume in, loose-leaf form

Explain about accrued liabilities, Q. Explain about Accrued liabilities? ...

Q. Explain about Accrued liabilities? Accrued liabilities are liabilities not so far recorded at the end of an accounting period. They represent responsibility to make payments

Cash flow analysis, Cash  Flow Analysis:   As per the Institute of Cost...

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

Accounting concepts, Accounting concepts are used in relation to accounting...

Accounting concepts are used in relation to accounting procedures for a specific business enterprise.  Some of these are: Going concern Verifiable

State unemployment tax, State unemployment tax This is referred to as S...

State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat

What are the steps for closing entries, What are the steps for Closing entr...

What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1.  Balance of the total R evenue to Income Summary 2.  Bal

What do you mean by overhead, Q. What do you mean by Overhead? Overhead...

Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.

Show tax benefits of lifo, Q. Show Tax benefits of LIFO? Tax benefits o...

Q. Show Tax benefits of LIFO? Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal R

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