What is miscellaneous expenses & why they carry forward every year

vasudeo007

 Profile Answers by vasudeo007 Questions by 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

 Profile Answers by Rekha yadav Questions by 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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Explain what is money market?

vasudeo007

 Profile Answers by vasudeo007 Questions by 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

 Profile Answers by akki.jagani Questions by 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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What is contribution margin and how it is calculated?

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

Contribution Margin is simple (Sales-Variable Costs= Contribution Margin)

sathyapidugu

 Profile Answers by sathyapidugu Questions by 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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venkat_ca

 Profile Answers by venkat_ca Questions by 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

 Profile Answers by Nishi Kanti Dey Questions by 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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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...

Misfer

• Jun 8th, 2012

Its depending on the basis he based on whether its monetary or accrual basis

SANTOSH KANDEL

• May 29th, 2012

As we are already aware about one of the concept of accounts i.e. prudence concept, which explains that all the expenses and losses which are to be held in near future should be recognized in advance ...

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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 Cr

Amitabh Singh

 Profile Answers by Amitabh Singh Questions by Amitabh 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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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

 Profile Answers by hifi55 Questions by 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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If a company change its depreciation method from Straight line method to another method than what will be the impact for the difference?

prashant

• Sep 11th, 2012

It should be adjusted in only that assests account by charging extra dep. or charging less dep........

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

No Journal entry is needed. You just use the method that you changed to.

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When inventory prices are declining the, FIFO method will generally yield a gross profit that is:A Less than the LIFO methodB Equal to the average cost methodC The same as that from any other costing methodD Higher than the LIFO method.

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

Gross Profit is always higher for FIFO than  LIFO. Cost of Goods sold is going to be always higher for LIFO and lower for FIFO.  LIFO tends to go for more of  a tax break approach. Comp...

niki_1079

 Profile Answers by niki_1079 Questions by niki_1079

• Jan 1st, 2010

It would be less then Lifo Method Definitely, as inventory prices are declining. if inventory prices are increasing then it would be higher then LIFO method.

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A farmer bought two cows for Rs. 15000 each. He sold one at a gain of 6% and on the other he incurred a loss of 5%. Find the overall gain or loss %.

krishna Reddy A

• Nov 25th, 2018

15000*6%=900
15000*5%=750
900-750.-=150 is profit
150/30000=0.5% is profit

Himanshu sharma

• Jun 29th, 2018

(15000*106)?100 = 15900. A
(15000*9 5)?100= 14250. B
A-B = 1650 which is 11% profit

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In case of a provision entry for expense, debit the expense ledger and credit the provision for expens ledger is this true or false

vinod kumar reddy

• Nov 15th, 2018

True
entry for provision for expense is like provision for bad debts as per nominal account all expenses and losses are debit
expense or losses a/c DR
to provision a/c CR

Dalip Singh

• Nov 2nd, 2018

No

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A provision entry is recorded to account investment details. Is this true or false

Nandini Gajanan Mane

• Dec 23rd, 2024

Can outer java classes access inner class private members

DEVARAPALLI sivaji

• Dec 10th, 2019

Bad debt a/c
To provision for bad debts a/c

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rameshnamasivayam

 Profile Answers by rameshnamasivayam Questions by 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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rameshnamasivayam

 Profile Answers by rameshnamasivayam Questions by 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

 Profile Answers by snmudhol Questions by 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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SONIA AGARWAL

• Feb 6th, 2007

Hi Sagar Your question is very good, in my opinion answer is Liabilities are credit and assets are debit side(Right Side), In Indian Accounting rules the performa is this. But US and UK use Assets...

shailendra

• Dec 28th, 2006

hi,it may be help u in understanding y labilities is shown in left side n assets is shown in right side.we all knows that left side is represent the debit balance n right side represent the credit&nbs...

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Rakesh Gupta

 Profile Answers by Rakesh Gupta Questions by Rakesh Gupta

• May 9th, 2007

It depends on where you are using this abbriviation.SLA stands for Service Level Agreement Where in you are entering with the other departement of your organisation for performing some duties. ie Purc...

Ramamoorthy

• Mar 13th, 2007

SLA refers to Service Level Agreement.

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satish

• Dec 30th, 2014

Salary A/C DR
To Salaries Payable A/C
To TDS payable A/C
To EPF Payable A/C
To ESI payable A/c

MUNIKRISHNAPPA K

• Oct 30th, 2014

TDS A/C DR
EPF A/C DR
ESI A/C DR

Outstanding liability CR

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What is the diffrence between Travelling and Conveyance

Chinchu

• Sep 1st, 2017

Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

Conveyance means expenses related to travel from place of living to Office or workplace and return to place of living.

Chinchu

• Sep 1st, 2017

Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

Conveyance Means the expenses related to travel from the place of living to office or workplace and return to place of living.

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Which items belong in income statement and do not belong in balance sheet statement

bart simpson

 Profile Answers by bart simpson Questions by bart simpson

• Jul 16th, 2008

examples of a income statement and balance sheet

kanr707

 Profile Answers by kanr707 Questions by 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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What is meaning of Stale Cheque?

Zee

• Apr 19th, 2015

Cheque is valid for 3 months Older the current date "current delegation". So before 3 months dated cheque is stale.

Kuldeep Shaw

• Jan 10th, 2015

The above two answers are not up to date.
Currently a cheque is valid for only 3 months from the date of signing it.
after that it will be considered stale and will not be eligible for encashment at the counter.

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