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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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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 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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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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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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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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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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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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What is trade bills
shoukath
- Jul 21st, 2008
Either should be cash Invoice or Credit invoice which is belongs to Business is called Trade bill.
rama krishna
- Jul 16th, 2007
Every transaction must be supported by any document. A trade bill is a supporting document of business activities like purchases , sales, receipts, payments etc...
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Income statement and Balance sheet statement
Which items belong in income statement and do not belong in balance sheet statement
kanr707
- Jan 15th, 2008
Dear Rekha...I want to correct something if you do not mind,About the items which you mentio it in the income statement, It does not Include capital.Capital is included in the balance sheet.
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Accounting objectives
What are the objectives of Accounting?
Sweete
- Jun 24th, 2008
There are two main objectives of accounting:1. To ascertain the profit or loss earned by the firm2. To know the financial position of the firm
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If i have paid for something why cant i expense the entire amount on the income statement?why do we need to make an adjustment to the insurance policy at the end of the year? wouldn't it have easier to record the entire balance as an expense in November when the policy was ?purchased?why do I need to take an inventory count of my supplies at the end of the year?If I receive the Hydro bill on August 5th, why don't we record the transaction for the next fiscal period rather then include it in the July 31st, 2006 fiscal year end?
lvmWHAT
- May 29th, 2008
i'm pretty sure, nick, you cant expense the ENTIRE AMOUNT on the income statement because HELLO DEPRECIATION. and what is depreciation might you ask? well depreciation means that the lovely ...
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What is the difference between inactive accounts and dormant account
Rashmi_Nair
- May 28th, 2008
An Inactive Account is A brokerage account in which few transactions take place. Some brokerage firms levy a fee on accounts in which securities are deposited but no activity occurs during a spec...
satya
- Aug 20th, 2006
Dormant accounts are those accounts in which there are transactions in the recent history(the stipulation may vary according to the company's rules). InActive accounts are those accounts in which transactions are being made for long time.
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