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Which of the following dose not included in the Government accounting Balance sheet: 1) Asset, 2) Cost, 3) Liability, 4) Surplus.
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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Process & guidelines to prepare stock transfer invoice.
What are the process & guidelines to prepare stock transfer invoice from one plant to other plant having same vendor code?
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Ethical Behaviour
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...
denemotley
- May 12th, 2010
Is your client behaving ethically by suggesting that the computer repair expense not be booked until the officail bill is presented?
karamshree
- Nov 23rd, 2009
It depends on what was the catagary of business if the computer repairing expense is mendatory field in the head of indierect expense in P&L then he should show because at time of assessment there may be some problem.
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Bank Reconciliation
What are the entry that get generateted in bank reconciliation both cheque and wire base?
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Audit Trail
An audit trail allows an individual to track a transaction from the journal entry to the general ledger through to the financial statements. The audit trail can also find all the transactions that comprise the dollar amount for each account listed on the income statement and balance sheet. Your team has been assigned the duty to diagram the audit trail for your company. In your diagram, show several...
snjsanthosh
- Sep 1st, 2010
Audit trial is a chronological sequence of audit records, each of which contains evidence directly pertaining to and resulting from the execution of a business process or system function
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What will you do if there is a missing invoice?
anilrawatnokia
- Sep 15th, 2010
First of all you haven't mention which kind of invoice is missing.However the answer is that we will transfer the amount to the Suspense account.
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What is JOC in accounting?
anilrawatnokia
- Sep 15th, 2010
JOC means Job Order Costing and is a part of Cost AccountingA job order costing system is used when a job or batch is significantlydifferent from other jobs or batches. Cost accounting is usually fair...
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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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Accounting for a lawsuit
I had a limited company that I sold in 2006. One of my employees brought a employer practices lawsuit against me in 2004. I continued to have legal expenses relating to this suit until 2008 but did not have any income to offset the expenses in 2007 and 2008. Can I put most of those expenses in 2006 when the company was sold?
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What is meant by turnover
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vasudeo007- Member Since Jul-2008 | 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 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
- 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
- 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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What is shadow balance ?
Arun V B
- Jul 27th, 2011
Shadow Balance in bank accounts is the balance upto which the subsequent debits/credit can be posted upto. Shadow Balance = Book Balance - Debit/ Book Balance+Credit (yet to be authorised for postin...
vasudeo007
- Aug 19th, 2008
Shadow balance is that balance which is not yet clear.Consider any company's case.Company has given money to someone by a cheque. Then they have shown in their cash book that money has been given....
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Accounts Payable
What is the difference between (1) accounts payable and bills payable and (2) accounts receivable and bills receivable
subbop
- Jul 27th, 2011
Account payable refers to the debts to be paid off within a given period of time to the creditors and whereas bills payable is the money a bank borrows, mainly on short term basis and owes to other ba...
anilrawatnokia
- Sep 15th, 2010
1. Accounts payable are amounts due to vendors in the normal course of business, such as for rent and utilities, supplies, and the like. A note payable represents a loan which bears interest, usually ...
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What is the asset for cooperative society bank?
In cooperative society bank which item represent the asset side of balance sheet?
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New Policy
What would you do if upper management issue a new policy and it was questionable to you? Would you follow the new policy?
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How would quality problems manifest themselves in the accounting department?
cyberfrau
- Dec 2nd, 2011
As they would anywhere - problems arise when we do not conform to requirements. Having said that, sometimes problems arise because the requirements are not correct. Root cause analysis recommended.
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Fixed Asset in Accounting
How many types of fixed asset in accounting? What are they?
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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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What is a Chargeback?
Lokesh M
- Feb 7th, 2012
Chargeback means refund / return of funds to the buyer. Here the bank reverts back the transaction between the buyer and seller when chargeback is initiated. A chargeback is initiated by the buyer w...
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