Answers About Business Accounting And Bookkeeping
Micro purchases refer to small transactions, typically involving low-value items or services, often costing less than a few dollars. These purchases are commonl
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Business Accounting and Bookkeeping
We have beared the cost?
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The phrase "we have borne the cost" suggests that we have taken on or absorbed the expenses associated with a particular situation or decision. This c
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Financial Statements
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According to the article on the Effect of Education on Income Levels what statement is NOT true?
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Without access to the specific article you are referring to, I cannot determine which statement is not true. Generally, articles on the effect of education on i
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Business Accounting and Bookkeeping
How is provision for doubtful debts treated in the cash budget?
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In a cash budget, provision for doubtful debts is typically not directly included, as cash budgets focus on actual cash inflows and outflows. Instead, it serves
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Business Accounting and Bookkeeping
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What is a rolling fee?
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A rolling fee is a recurring charge that is applied to a service or transaction, typically on a regular basis, such as monthly or annually. This fee is often as
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Business Accounting and Bookkeeping
When does the fiscal year begin and end in ct?
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In Connecticut, the fiscal year begins on July 1 and ends on June 30 of the following year. This timeline aligns with the state's budgeting process and is used
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Business Accounting and Bookkeeping
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How assets are usually classified in a balance sheet?
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Assets on a balance sheet are typically classified into two main categories: current assets and non-current (or long-term) assets. Current assets include items
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Business Accounting and Bookkeeping
Why there are increase in staff turnover?
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Increased staff turnover can be attributed to several factors, including job dissatisfaction, lack of career advancement opportunities, and inadequate compensat
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Business Accounting and Bookkeeping
What are the objectives in investing surplus cash?
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The primary objectives in investing surplus cash include maximizing returns while maintaining liquidity and minimizing risk. Investors aim to achieve a balance
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Business Accounting and Bookkeeping
What is uom in inflow?
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UOM in inflow stands for "Unit of Measure," which refers to the standardized quantity used to express the inflow of resources, such as water, financia
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Business Accounting and Bookkeeping
What group of accounts is decreased by debits?
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Liability accounts and equity accounts are decreased by debits. When a debit entry is made, it reduces the balance of these accounts, reflecting a decrease in o
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Business Accounting and Bookkeeping
In order to be cost effective information must be what?
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In order to be cost-effective, information must be relevant, accurate, and timely. It should provide actionable insights that directly contribute to decision-ma
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Business Accounting and Bookkeeping
What is a need of accounting standard?
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Accounting standards are essential for ensuring consistency and transparency in financial reporting, which enhances comparability across different organizations
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Business Accounting and Bookkeeping
State one reason why a business may operate a petty cash book?
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A business may operate a petty cash book to efficiently manage and track minor, everyday expenses that are too small to justify writing a formal check or using
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Business Accounting and Bookkeeping
What are characteristics of break even point?
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The break-even point is the level of sales at which total revenues equal total costs, resulting in neither profit nor loss. Key characteristics include fixed an
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Business Accounting and Bookkeeping
What are Intergovernmental Revenues used for?
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Intergovernmental revenues are funds received by one level of government from another, typically used to support public services and programs such as education,
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Business Accounting and Bookkeeping
What is security margin?
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A security margin refers to the difference between the actual value of an asset and the minimum value that is considered acceptable or safe. In finance, it ofte
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Business Accounting and Bookkeeping
Why is timely recording of transactions important?
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Timely recording of transactions is crucial for maintaining accurate financial records and ensuring effective decision-making. It helps businesses monitor cash
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Business Accounting and Bookkeeping
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How do you set institution accounting system?
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To set up an institutional accounting system, first, define the accounting policies and procedures that align with the institution's financial goals and regulat
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Business Accounting and Bookkeeping
Do gross sales include freight?
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Gross sales typically refer to the total revenue generated from sales before any deductions, such as discounts, returns, or allowances. Whether freight charges
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Business Accounting and Bookkeeping
What is the journal entry dividends paid to shareholders?
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The journal entry for dividends paid to shareholders typically involves a debit to the Dividends Payable account and a credit to the Cash account. This reflects
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Business Accounting and Bookkeeping
How can you cash out prudential stock?
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To cash out Prudential stock, you can sell your shares through a brokerage account where your stock is held. If you have physical stock certificates, you may ne
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Business Accounting and Bookkeeping
WHAT IS Comparing the expenditure profile to event values allows the contracting officer to?
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Comparing the expenditure profile to event values allows the contracting officer to assess the financial health and progress of a project. This analysis helps i
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Business Accounting and Bookkeeping
Which module is used for external financial reporting?
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The module commonly used for external financial reporting is the Financial Accounting (FI) module in ERP systems like SAP. This module facilitates the managemen
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Business Accounting and Bookkeeping
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What are the advantages of a manual system in restaurants?
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A manual system in restaurants offers several advantages, including lower initial costs since it doesn't require expensive software or hardware. It allows for g
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