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Annual Turnover
Calculation of turnover in construction comapanies? What is the use of turnover? If turnover was not announced annualy, what are the problems arised?
sathyapidugu
- Oct 6th, 2008
In general context turnover means volume of sales in case of Construction compay turnover means Projects complted in a particular period . with the hepl of turnover one can assess the efficiency and profitabllity of the company
vasudeo007
- Oct 6th, 2008
Turnover means total sales from strict accounting sense.Few liberals would also say that turnover means total purchase + total sales.It really depends on your viewpoint. But for a construction company...
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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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What is Capital Budget?
vasudeo007
- Oct 6th, 2008
The word budget means financial planning activity.Capital Budgeting means financial planning for long term capital expenses.A company may think of diversification, backwardation, forwardation, merger ...
thrilldhill
- Jun 1st, 2007
Capital Budgeting is a way to justify capital expenditures. It's done to see if the added benefit of a capital purchase, ie increased revenue or decreased expense, exceeds the cost of capital.
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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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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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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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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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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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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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Rates and Ratios
Rates and ratios are often interpreted as same. Differentiate between the two giving at least two examples.
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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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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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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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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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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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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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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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