Why always Liabilities are on left side and Assets on right side in Balance Sheet?

Ankit Jain

• Jul 9th, 2014

Liabilities side of balance sheet deals with how the funds are raised whereas the assets side of balance sheet deals with how the funds are invested. Firstly the funds are raised (by incurring liabili...

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

The accounting equation is Assets= Liabilities + Stockholders EquityAs you can see the assets  are on the left and Liabilities are on the right. On the Balance sheet Assets are reported first and Liablities and Stockholders Equity after.

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Number of reconciliation

priya

• May 13th, 2014

My opinion is reconciliation is a differences between the bank passbook and customers cash book

Hemanta Behera

• Mar 19th, 2014

Reconciliation is the part to tally every transaction.

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Blueprint template for FI/CO (Financial Accounting & Controlling, A/P (Accounts Payable) & A/R (Accounts Receivable)?

Documentation on templates of ASAP Methodologies?

Hemant

• Mar 19th, 2014

Standard remittance is the part credit sales against any other documents.Bill receivable remittance is the part of credit through Bank.

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Can anybody give me example regarding trading applications i.e. what are the Sample Test Plan/Test Cases for trading applications???

Hemant

• Mar 19th, 2014

Trading application is the part of trading business.the business which transaction made none productable business.

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Why depreciation is not charged on land?

nabasmita bordoloi

• Feb 28th, 2014

Depreciation refers decrease the value of tangible fixed assets due to wear and tears, technology obsolesces , passes of time etc. but land is a tangible asset which value never decreases. land value is always appreciated.

Dasrath

• Aug 11th, 2013

Depreciation in known as gradual decline in the usable value of the asset due to various factors i.e technological changes etc.

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shubham singh

• Nov 24th, 2013

Yes u have to follow some formalities u have to fill transfer form and also put a revenue stamp on this form

rama krishna

• Jul 16th, 2007

Generally dividends are paid from out of profits derived by the company to the investors. A dividend warrant is an instrument sent by the company with the amount to be received by the investor.

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Power Bhd is considering raising new finance by a right issues of 2million new ordinary shares of RM0.50 each at RM1.60. Currently the share price is RM1.80 and the issued ordinary share capital is RM8million. Shareholders are entitled to 2 new shares for every 8 shares held.

(a) How much will be raised by the new issues if issue cost are 3% of the gross proceeds?
(b) What will...

amit singh

• Oct 16th, 2013

Finance means it is the provision of money at the time when it is required for the business. its inflow and outflow of the business. without money their is money.

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What is the difference between a Provisions and Reserves?

Mir Raashid

• Jun 5th, 2013

Provisions: provisions are made for meeting known liabilities..e.g.,provision for doubtful debts ,provision for depreciation e.t.c..
1. It is charged against profits .
2. provisions are compulsory ,whether there are profits or loss.
3. it cannot be used for distributing dividends.

rajesh.GOPI

 Profile Answers by rajesh.GOPI Questions by rajesh.GOPI

• Dec 25th, 2007

PROVISIONS: These are made aganist charge. Provision are made if there is profit or not for company.ex: Bad debts, income tax.RESERVES These are made on profits. Generally every has kept minium 10% as reserves.

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Procedure of Vat and its return filing with full details?

Dharmesh

• Mar 24th, 2013

Prepare 201 This is a summery of all purchase and all sales All purchase including folloiwng Taxable purchase on which In put tax credit is receivalbe Taxable purchase on which In put tax credit is n...

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What is Account Payee cheque? Expand CTC cheque?

gsrinivas

• Mar 4th, 2013

Account payee means, who wrote cheque to whom, That person must and should have bank account.

CTS : cheque transferred system.

tracy

• Dec 12th, 2012

How do u get your information from other tax years so that you can provide the right notification to the IRS.

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anil joshi

• Feb 2nd, 2013

Ratios used to judge the adequacy of liquid assets for meeting short-term
obligations as they come due, including
1) the current ratio,
2) the acid-test ratio,
3) the inventory turnover ratio, and
4) the accounts receivable turnover ratio.

suji

 Profile Answers by suji Questions by suji

• Feb 29th, 2012

Short-term Solvency Ratios Its a ratio to measure the firms ability to meet short-term financial obligations. With this the firm will avoid financial distress in the short-run. There are two most important Short-term Solvency Ratios
1. Current Ratio.
2. Quick Ratio.

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How to work with a balance sheet,
components needed to prepare a balance sheet

Chandan Kumar Singha Roy

• Nov 22nd, 2012

Balance Sheet is Prepared with the compliance of Accounting Equation A=L+C and Accounting Standards and Schedule Vi of companies Act 1956.

saththar

• Nov 13th, 2012

Balance sheet is prepared by the accounting equation. ie Assets=Capital+Liabilities .

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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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VINOD KUMAR

• Jul 9th, 2012

Contingent liabilities are subjected to occurrence or not of a future event. Means a liability may be arise in future or not , it all depends on a future event. So these are not actual liabilities and shown as a foot note after balance sheet .

mahesh,dilip

• Jun 22nd, 2012

Contingent liability refers to liabilities which may or may not occur in the future. eg:court case

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Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the client, he tells you that he has not received the official bill, although he knows the expense was $1,250. Your client is on the accrual basis of accounting. He does not want the computer repair...

Misfer

• Jun 8th, 2012

Its depending on the basis he based on whether its monetary or accrual basis

SANTOSH KANDEL

• May 29th, 2012

As we are already aware about one of the concept of accounts i.e. prudence concept, which explains that all the expenses and losses which are to be held in near future should be recognized in advance ...

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kailash

• May 31st, 2012

Once TDS deducted in current year, we cannot reverse the same in next year. According to Income tax act, TDS has to deduct from Vendor Account, at time of accounting of bill or at time of payment whic...

kumar

• Feb 3rd, 2012

Provision entries are entries that are made to account for expenses that have not been accounted in the period for which it relates. Hence the provision is created by debiting the expenses and crediting the party account or liability account.

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What are some of the methods used to allocate support costs?

Mohamed Darwesh

• Apr 30th, 2012

1- Direct method
2- Step - down metod
3- Reciprocal method

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What are the advantages and disadvantages of the following methods of depreciation?1. Straight line method2. Reducing balance method3. Revaluation method4. Usage method5. Sum of digits method

khurram

• Mar 7th, 2012

You can choose whichever method you like however make sure you use according to the business you are running. If you want to use your expense in current period to generate extra income use double declining method. If you are not concerned about extra income use straight line method

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Describe and discuss the relevance of the Fisher Effect and the Purchasing Power Parity theories to a foreign currency dealer in a merchant bank

vinay kidangan

• Mar 1st, 2012

Fisher Effect An economic theory proposed by economist Irving Fisher that describes the relationship between inflation and both real and nominal interest rates. The Fisher effect states that the real...

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