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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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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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Ordinary shares and Preference shares
What is the difference between ordinary shares and Preference share?
vasudeo007
- Oct 12th, 2008
Ordinary shares better knows as Equity shares have following characteritics:a. They can participate in Annual General Meeting and voteb. They do not have any fixed rate of return (dividend)c. Th...
vinodkumarsmay1979
- Sep 25th, 2007
Preference shares have the preference over ordinary shares when it comes to dividend and repayment of capital
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Provisions and Reserves
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
- 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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Minority Interest
What is minority interest?
vasudeo007
- Oct 12th, 2008
Minority means lower than 50%.Minority interest means the amount invested by minority.Generally minority interest is never calculated. It is calculated only when one company takes other company over. ...
cashflow
- Jan 27th, 2008
Minority interest in business is an accounting concept that refers to ownership of a company (subsidiary) that is less than 50% of outstanding shares.
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Amortization
What is Amortization?
sulabhkapoor
- Feb 3rd, 2010
1. The paying off of debt in regular installments over a period of time. 2. The deduction of capital expenses over a specific period of time (usually over the asset's life). More specifically...
vasudeo007
- Aug 19th, 2008
Amortisation is a concept very similar to depreciation.In case of depreciation, it is charged to assets marking reduction in their value.In case of loans the repayment means amortisation.In case of ce...
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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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Trail Balance preparation
Why do we prepare Trail Balance?
steadyshot23
- Mar 18th, 2010
Trial Balance is prepared in order to see if Debits=Credits. If Debits=Credits then you proceed to prepare an income statement. Then prepare a balance sheet. Plain and simple.
sathyapidugu
- Oct 8th, 2008
In Accounts Perspective: Trail balance will be prepared to know the Arthamatic Accuracy of all the accounts with in a given period normally yearly basis.This statment consist of heads belongs to ...
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Liabilities are on left side and Assets on right side in Balance Sheet
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
- 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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Miscellaneous expenses
What is miscellaneous expenses & why they carry forward every year
vasudeo007
- Oct 12th, 2008
Miscellaneous expenses are those expenses which are very minor/small in nature.Any expense which cannot be debited to any expense account is debited to misc exp a/c. Examples: donations given to someo...
Rekha yadav
- Dec 18th, 2007
Miscellaneous expenses are the petty expenses, which every business incurr in their day to day transaction, these could be refreshment expenses, conveyance, postage etc. for accounting these expenses ...
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Money Market
Explain what is money market?
vasudeo007
- Aug 18th, 2008
Money market is the market of money.Just like goods and services are sold in market money itself is also sold.That does not mean foreign currency. I mean when you buy short term deposit, treasury bill...
akki.jagani
- Jun 19th, 2008
Where we can do short time transaction of money. In money market we can borrow money for short time.
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Contributioin Margin
What is contribution margin and how it is calculated?
steadyshot23
- Mar 18th, 2010
Contribution Margin is simple (Sales-Variable Costs= Contribution Margin)
sathyapidugu
- Oct 7th, 2008
Contribution means Total Sales-Variable Cost= Contribution Contribution is a combination of Fixed expenses + or - profit meansIf Sales are 10000 and Variable cost is 7000 and Fixed cost is 3200 then contribution margin is -200
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How is working capital arrived?
venkat_ca
- Nov 20th, 2008
Working capital can be classified into two types gross working capital and net working capital. The total of current assets is known as gross working capital and the difference between the current ass...
Nishi Kanti Dey
- Oct 30th, 2008
Working Capital is?measure of?both a?company's efficiency and its short-term financial health. Working capital also gives investors an idea of the company's underlying operational efficiency.WC=CA-CL.
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Financial Statement to Bank
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...
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Service Tax
How to pass a JV when we receive bill including service tax? How to close this a/c?
Rajesh
- Mar 12th, 2016
2nd Jv is wrong
Service tax liability A/C Dr
To, Bank A/C CrAmitabh Singh
- Apr 21st, 2009
Service Tax would be credited by debiting the vendor's A/c bill wise for the whole time period of say one month or one quarter etc. and at the time of payment the Service Tax A/c would be debited by crediting the payment source A/c say Bank or cash.
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How will you Prepare Final Accounts?
Abdul Qayyum
- Jun 13th, 2015
Hello there all: can anyone kindly send me the complete accounting procedures including financial statements and all kind of adjusting entries e.i. from starting to ending full process how to make complete set of accounts. thanks.
hifi55
- May 4th, 2009
Final accounts consists of trading a/c, P&L a/c and balance sheet. All ?the amounts from trial balance are taken to prepare these accounts. In Trading a/c all the transactions which are related to a ...
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