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Reserves
What is meant by reserves?
vasudeo007
- Aug 18th, 2008
The word reserves is always used along with Surpluses.Surplus means any trading/business surplus in any financial year. While reserve means money kept aside for specific purpose.Example: General Resev...
Pavan Kumar
- Nov 21st, 2007
Reserve is nothing but money kepting a side for future expenses/payments i.e. unknown expenses.
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Capitalized Property and Equipment
When can costs subsequent to acquisition of Property Plant and equipment are capitalized?
vasudeo007
- Aug 19th, 2008
When any fixed asset is purchased then all costs related to installation of the machinery and repairy (only major repairy) are capitalised.There can be quite number of expenses associated with the ass...
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Sensex Points calculatation
How do you calculate sensex points?
vasudeo007
- Aug 19th, 2008
Sensex or for that matter any index in any capital market acts as the barometer of the economy. When economy is on rise then the index shoots up and vice-versa.There is presumed to be co-relation betw...
priya
- Nov 27th, 2007
SENSEX is calculated using the "Free-float Market Capitalization" methodology. As per this methodology, the level of index at any point of time reflects the Free-float market value of 30 com...
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What is mean by Working Capital?
vasudeo007
- Aug 26th, 2008
Many people gave very precise and appropriate answer of this question here. Let me also try.In a balance sheet of any company the liabilities are bifurcated into a) capital, b) loans and c) curr...
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Rates and Ratios
Rates and Ratios are often interpreted as same. Differentiate between the two giving at least two examples?
vasudeo007
- Aug 26th, 2008
Rates and ratios have utterly different meanings.Rates may mean the charges per unit. While ratios mean the ratio of one variable to other.Rates are expenses which are debited to profit and loss accou...
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What is meant by balancing
vasudeo007
- Aug 26th, 2008
The balancing, in strict sense, means tallying both the sides of any account and carrying forward balancing figure.In double entry book keeping system the books are supposed to tally automatically. Bu...
Monisha Rajendran
- Aug 22nd, 2006
Balancing in simple terms mean balancing your Debit and Credit side of any account be it Trading ac, Profit&Loss ac etc.
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What is double entry book keeping
vasudeo007
- Aug 26th, 2008
Double entry book keeping system was first mentioned by "Luca De Bargo Pacioli" in his book Summa de arithmetica in 1494.He was a classmate of Leonardo Da Vinci. The book Summa De Arithmetica was basi...
mdffazal
- Dec 8th, 2007
Simple, double entry book keeping , actually we know that every thing have two aspect , in accounting systems each and every transaction treats as two aspects reciever/giver, what comes/ what goes out...
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Cost and Management Accounting
Differeciate between Cost Accounting and Management Accounting.
vasudeo007
- Aug 31st, 2008
As far as I know, Cost accounting is related only to the cost factors.And management accounting is related to the managerial decision making based on accounting details.Cost accounting include:Cost Sh...
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Accounting Manager - Interview Questions.
Tell me about a time you identified a problem and came up with the solution?What did you do?Describe a typical day at your current employer?Describe a project that required a high amount of energy over an extended period of time?What did you do to keep enthusiasm up?What are your daily challenges?How do you overcome those challenges?What's been the most difficult obstacle you have ever overcome?What...
vasudeo007
- Aug 31st, 2008
Friend,The questions you have posted are quite common questions and are no way related to accounts manager as such.Anyway, Accounts manager is the person who looks after all books of accounts, ledgers...
SONIA AGARWAL
- Feb 12th, 2007
Accounting Manager means, a person who is maintain the detail of record of a particular Assets, liabilities, owner's equity, revenue, or expenses.
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Computer accounting over Paper accounting advantages
What are the advantages of Computer accounting over Paper accounting?
vasudeo007
- Aug 31st, 2008
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 whethe...
anirudhsanthanam
- Jul 22nd, 2007
Since accounts are prepared throu computers frauds cannot be commited easilyand also with the help of tally u can easily pass journal entry and also finalisation of accounts
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What is the difference between provision & reverse?
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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What is deferred account?
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
- 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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Rates and Ratios
Rates and ratios are often interpreted as same. Differentiate between the two giving at least two examples.
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Pre-Paid Insurance
How will you treat pre-paid insurance in balance sheet?
vasudeo007
- Oct 3rd, 2008
The words "pre-paid insurance" are self explanatory.What is pre-paid insurance? The insurance that is paid in advance, before due date. This is treated like current asset. The exact treatmen...
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Find sales on 3rd Day
A survey showed that average sales of a shopkeeper during last three days have been 45. If the sales on first and second day have been 34 and 5 find out the sales of third day.
vasudeo007
- Oct 6th, 2008
I believe this is not really an accounting question.The answer I think is- 96 units.Explanation: Average of last 3 days is 45 that means total sales 45x3= 135 units1st day sales is 34 and 2nd day 5. That means 135-(34+5) = 96 units.Correct me if I am wrong.
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Find expenditure on clothing
Karamat Sahoo spends 34% of his salary in clothing. if 30% of karamat sahoo's salary is 3456 rupees then find his expenditure on clothing.
vasudeo007
- Oct 6th, 2008
Seems to be a simple arithmetics problem.if 30% = 3456 then 100 % = (3456/30)*100 = 11520So 34% = 115.2*34 = 3916.80So he spends Rs. 3916.80 on clothing.Seems a pagal guy, itna kharcha kapdon pe kyon kar raha hai? :)
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Find Rate of Change
Volume of trade in a company over past four days has been 3431, 4532, 2789, and 5467. Find out the rate of changes day to day.
vasudeo007
- Oct 6th, 2008
Again an arithmetics question.1st day 34312nd day 4532 = ((4532-3431)*100/3431) = 32.08977 % change3rd day 2789 = (2789-4532)*100/4532 = -38.4598 % change4th day 5467 = (5467-2789)*100/2789 = 96.02008 % changeIs this what you are asking for?
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Financial Accounting and Reporting
What are the major areas of differences in financial accounting and reporting practices observed around the world? In what areas are there substantial similarities?
vasudeo007
- Oct 6th, 2008
I must admit. This is one of the best questions ever asked in this forum.I don't know the answer. And I want the answer. I believe the answer can be given only by someone who is experienced in different accounting practices worldwide.
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