If a company change its depreciation method from Straight line method to another method than what will be the impact for the difference?

prashant

• Sep 11th, 2012

It should be adjusted in only that assests account by charging extra dep. or charging less dep........

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

No Journal entry is needed. You just use the method that you changed to.

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When inventory prices are declining the, FIFO method will generally yield a gross profit that is:A Less than the LIFO methodB Equal to the average cost methodC The same as that from any other costing methodD Higher than the LIFO method.

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

Gross Profit is always higher for FIFO than  LIFO. Cost of Goods sold is going to be always higher for LIFO and lower for FIFO.  LIFO tends to go for more of  a tax break approach. Comp...

niki_1079

 Profile Answers by niki_1079 Questions by niki_1079

• Jan 1st, 2010

It would be less then Lifo Method Definitely, as inventory prices are declining. if inventory prices are increasing then it would be higher then LIFO method.

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A farmer bought two cows for Rs. 15000 each. He sold one at a gain of 6% and on the other he incurred a loss of 5%. Find the overall gain or loss %.

krishna Reddy A

• Nov 25th, 2018

15000*6%=900
15000*5%=750
900-750.-=150 is profit
150/30000=0.5% is profit

Himanshu sharma

• Jun 29th, 2018

(15000*106)?100 = 15900. A
(15000*9 5)?100= 14250. B
A-B = 1650 which is 11% profit

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In case of a provision entry for expense, debit the expense ledger and credit the provision for expens ledger is this true or false

vinod kumar reddy

• Nov 15th, 2018

True
entry for provision for expense is like provision for bad debts as per nominal account all expenses and losses are debit
expense or losses a/c DR
to provision a/c CR

Dalip Singh

• Nov 2nd, 2018

No

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A provision entry is recorded to account investment details. Is this true or false

Nandini Gajanan Mane

• Dec 23rd, 2024

Can outer java classes access inner class private members

DEVARAPALLI sivaji

• Dec 10th, 2019

Bad debt a/c
To provision for bad debts a/c

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rameshnamasivayam

 Profile Answers by rameshnamasivayam Questions by rameshnamasivayam

• Sep 8th, 2008

Provisions are to allocate an amount to meetout the requirement.Reserves are made avaialble to meet business demands eg., meet out obsoletions, to meet out expansions etc.,By and large provisions will have revisions, reserves will not have.

kinjal

• Aug 4th, 2007

Except for general reserve, all reserves are created for specific future liability, eg : capital reserve, debenture redemption reserve, investment fluctuation reserve,etc

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rameshnamasivayam

 Profile Answers by rameshnamasivayam Questions by rameshnamasivayam

• Sep 8th, 2008

If an amount incurred or accounted or paid to establish over a period of time of the business or for the business, these kind of accounts are treated as deferred account.Eg., An advertisement expenses incurred by an organisation etc.,

snmudhol

 Profile Answers by snmudhol Questions by snmudhol

• Jun 5th, 2008

Any incomes or expenses which are received or incurred during the financial year but not yet earned or benefit received those receipts or payments are charged to this account instead of charging it to...

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SONIA AGARWAL

• Feb 6th, 2007

Hi Sagar Your question is very good, in my opinion answer is Liabilities are credit and assets are debit side(Right Side), In Indian Accounting rules the performa is this. But US and UK use Assets...

shailendra

• Dec 28th, 2006

hi,it may be help u in understanding y labilities is shown in left side n assets is shown in right side.we all knows that left side is represent the debit balance n right side represent the credit&nbs...

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Rakesh Gupta

 Profile Answers by Rakesh Gupta Questions by Rakesh Gupta

• May 9th, 2007

It depends on where you are using this abbriviation.SLA stands for Service Level Agreement Where in you are entering with the other departement of your organisation for performing some duties. ie Purc...

Ramamoorthy

• Mar 13th, 2007

SLA refers to Service Level Agreement.

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satish

• Dec 30th, 2014

Salary A/C DR
To Salaries Payable A/C
To TDS payable A/C
To EPF Payable A/C
To ESI payable A/c

MUNIKRISHNAPPA K

• Oct 30th, 2014

TDS A/C DR
EPF A/C DR
ESI A/C DR

Outstanding liability CR

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What is the diffrence between Travelling and Conveyance

Chinchu

• Sep 1st, 2017

Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

Conveyance means expenses related to travel from place of living to Office or workplace and return to place of living.

Chinchu

• Sep 1st, 2017

Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

Conveyance Means the expenses related to travel from the place of living to office or workplace and return to place of living.

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Which items belong in income statement and do not belong in balance sheet statement

bart simpson

 Profile Answers by bart simpson Questions by bart simpson

• Jul 16th, 2008

examples of a income statement and balance sheet

kanr707

 Profile Answers by kanr707 Questions by kanr707

• Jan 15th, 2008

Dear Rekha...I want to correct something if you do not mind,About the items which you mentio it in the income statement, It does not Include capital.Capital is included in the balance sheet.

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What is meaning of Stale Cheque?

Zee

• Apr 19th, 2015

Cheque is valid for 3 months Older the current date "current delegation". So before 3 months dated cheque is stale.

Kuldeep Shaw

• Jan 10th, 2015

The above two answers are not up to date.
Currently a cheque is valid for only 3 months from the date of signing it.
after that it will be considered stale and will not be eligible for encashment at the counter.

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An employee Rs.7000 per month salary, how much his 6 months PF contribution.

madhav

• Jan 10th, 2018

First, find out how much Basic and DA he is getting on that we have to calculate 12 % on the whole salary

• Jul 25th, 2017

7000x6x12%=5040

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Please tell me the complete Record to Report cycle.

Kapil Bhardwaj

• Mar 7th, 2018

Need complete Cycle of R2R

devendra

• Mar 22nd, 2017

R2R starts with
Source Documents=>Journal entry=>Ledger=>Trial balance=>Adjustments=>Closing and consolidation=> Financial Reporting

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anil_sheoran

 Profile Answers by anil_sheoran Questions by anil_sheoran

• Mar 22nd, 2010

Cost is not included in govt. balance sheet.

rama krishna

• Jul 16th, 2007

I think it is cost, because it is a part of trading or profit & loss account

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Read Best Answer

Editorial / Best Answer

vasudeo007  

 Profile Answers by vasudeo007 Questions by vasudeo007

• Member Since Jul-2008 | Aug 19th, 2008

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The word "Turnover" has many meanings.

For a trader/manufacturer/service provider it means total sales (cash+credit).

While when a bank gives loan to any person or company they see the turnover.

Here the turnover generally refers to the total credits in any given period in account holder's account.

While bank's own turnover is the total loans disbursed + outstanding recovery of earlier period - bad debts (loans written off) in this period.

Considering the disclosure norms in Accounting Standards the announcement of turnover is required. I am not sure for which industries it is mandatory and for which industries it is not. But it is nevertheless announced.

Balance sheet of any company can be easily window dressed. So to understand whether whatever profits that are shown are really from turnover or not the announcement of turnover becomes necessary.

In case if a person/investor finds out that the turnover of any company is not high but the company is saying that they have made big profits then he can probe in details as to how the company is making its money.

In case if the investor finds out that the company is selling the goods to a huge quantity but not making much profits then he can investigate the books of accounts to find out what are the causes of low profitability.

Vasudeo.

mech.sanjay

 Profile Answers by mech.sanjay Questions by mech.sanjay

• Mar 24th, 2011

An aspest-how the management efficiency is being turned around in terms of quantity being sold on technology, cost, human & time constraints.note-these constraints can be prioritized.

vasudeo007

 Profile Answers by vasudeo007 Questions by vasudeo007

• Aug 19th, 2008

The word "Turnover" has many meanings.For a trader/manufacturer/service provider it means total sales (cash+credit).While when a bank gives loan to any person or company they see the turnove...

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vijay.rathinavel

 Profile Answers by vijay.rathinavel Questions by vijay.rathinavel

• Mar 13th, 2010

Cash FlowIt is a Statement showing changes in inflow & outflow of cash during the period.A. Operating Activities,B. Investment ActivitiesC. Financial ActivitiesThe CFS allows investors to und...

dinanath

 Profile Answers by dinanath Questions by dinanath

• Jan 31st, 2009

Changes in working capital due to Non Current Transaction is called Fund Flow and Changes in Working capital due to current and non current transaction is called Cash Flow.

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Joyeusenini

 Profile Answers by Joyeusenini Questions by Joyeusenini

• Mar 13th, 2009

The direction and control of activities with the purpose of getting the right inventory in the right place at the right time in the right quantity in the right form at the right cost.

ahamed786

 Profile Answers by ahamed786 Questions by ahamed786

• May 16th, 2008

To maintain stock levels

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How to account for Letter of Credit in the Books of Accounts of the Company ?

Md. Mamun Kabir

• Aug 4th, 2015

LC Related all Accounting Solution

a. kalyanaraman a. kalyanaraman

• Jan 24th, 2014

Difference between inland lc and foreign lc in accounting journals

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