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Financial account and Financial statement
What is the difference between financial account and financial statement
parameswar.reddy
- Nov 19th, 2007
Financial Account is an Individual ledger of an account (Ex: Sales A/c, Purchase A/c, Vendor A/c, Customer A/c), whereas Financial Statement is a final picture of an organisation like Profit & Loss Account and Balance Sheet
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MIS Monthly and Form 16A
What is meant by MIS-Monthly?What is meant by Form 16A ?
sathyapidugu
- Oct 7th, 2008
The word MIS means Management Information System it is an comprehensive statement differs from Industry to Indsutry or Organisation to Oraganaisation in general contex Montlhy MIS of any concern aims ...
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Expenses in Inventory Stock
What are the documents require for the payment?What are the expenses are made in inventory stock?
vasudeo007
- Oct 6th, 2008
In making payment for buying stock/goods we need invoice/bill and lorry receipt or bill of lading. If the goods are brought via air transport then airway bill or whatever name it is called by.And then...
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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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Business Analyst Hedge Accounting (or derivative accounting)
This is for any of you who have worked in a role of BA Hedge Accounting.I need to get an idea of your role in that position.Who are the stakeholders? Do you need to have an in depth knowledge of derivative products?Any further detail will be helpful Thanks
vasudeo007
- Aug 18th, 2008
Hi,Even I want to work as Business Analyst. I am looking for BA position. As far as derivatives are concerned they are very simple to study.Obtaining in-depth knowledge of derivatives is not much difficult.Vasudeo
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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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What are freight charges?
Lokesh M
- Feb 7th, 2012
Freight charges is the cost of transporting the goods from the seller place to the purchasers location. This cost shall include packing, loading / unloading, carriage, shipping cost etc.,
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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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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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Contingent Liability
Why it is necessary to create contingent liability? How this liability helps the banker to relieve from the future liability due to default in payment by the concerned party?
vasudeo007
- Oct 6th, 2008
It is not necessary to create contingent liabilities.If any such liability exists then it must be shown in the balance sheet. But you don't have to create any for the heck of it.Moreover it does n...
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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 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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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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Steps for Approving Invoice
What is the steps taken before approving any Invoice
deepakkumarcs
- Oct 20th, 2010
First we should find client PO after that we want observe our order accptence and materials should be ready to despatch level, then only we can get steps for approving invoice.
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Letters of Credit
If Irrevocable Letter of Credit is backed by a CD. How do you account for it? Will it be on Balance Sheet or is it just a Footnote item?
vasudeo007
- Oct 6th, 2008
Letter of credit is always backed by Fixed Deposit. Bank does not issue letter of credit unless and until it has tangible securities provided by you pledged in bank's favour.Moreover bank charges ...
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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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Control Account
What is a Control Account? How will you create a control account?
ajspalia
- Nov 12th, 2008
A control account in GL is a summary of sub ledger accounts that can not be represented individually in GL because of thier huge numbers e.g. the number of vendors for a company can be numerous and it...
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What are the assumptions of BEP analysis
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In EOQ, is Carrying cost is more, less or equal to Ordering cost, Explain?
pallapu99
- Jul 3rd, 2009
EOQ is the quantity of order where we can incurr the minimun inventory cost. at this level of purchse both total Carring and total ordering are equal since it is optimum level of ordering quantity.
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