Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
q what do you understand by goodwillgoodwill -- in accounting difference between what a company pay when it buys theassets of another company and
q what is fixed costfixed cost -- a cost that doesnt change as sales volume changes in the short run fixedcosts generally include such items as rent
q describe about expenseexpense -- an expenditure that is chargeable against revenue during an accounting periodan expense leads to the reduction of
q what do you eman by expenditureexpenditure -- an expenditure takes place when something is attained for a business -- an asset isbought salaries
80 - 20 rule - a common rule of thumb in business which says that 20 of the items produce80 of the action -- 20 of product line produces 80 of the
q what is depreciationdepreciation -- an expense which is supposed to reflect the loss in value of a fixed asset forinstance if a machine will
q what do you understand by deferred incomedeferred income -- a liability which arises when a company is paid in advance for services orgoods that
credit -- an accounting entry on the bottom or right of a balance sheet generally an increase inliabilities or capital or a reduction in assets
q describe the cost of salescost of sales cost of goods sold -- expense or cost of all items sold during an accountingperiod every unit sold has a
q what do you mean by contingent liabilitiescontingent liabilities -- liabilities which are not recorded on a companys financial reports though
q show the chart of accountschart of accounts -- a listing of all accounts or categories into that businesstransactions would be classified and
q what do you mean by capitalizecapitalize -- to capitalize means to record an expenditure on balance sheet as an assetto be amortized over the
q describe about capitalcapital -- money invested in a business by its owners on the right side or bottom of a balance sheet capital also denotes to
q what do you mean by breakeven pointbreakeven point -- the amount of revenue from sales that exactly equals the amount ofexpense breakeven point is
q why we need book valuebook value -- total assets minus total liabilities book value also meansvalue of an asset as recorded on the companys
q what is the use of balance sheetbalance sheet -- a statement of the financial position of a company at a single specific timeoften at the close of
q what are bad debtsbad debts -- amounts owed to a company which arent going to be paid an accountreceivable becomes a bad debt when its recognized
q what is intangible assetsintangible assets are items likecopyrights patents licenses trademarks franchises andother kinds of rights or things of
q describe about fixed assetsfixed assets cant be quickly turned into cash without interfering with business operationsfixed assets comprise
q explain about amortizeamortize -- to charge a regular part of an expenditure over a fixed period of time forinstance if something cost 100 and is
q what do you mean by agingaging -- a process where accounts receivable are sorted out by age typically current 30 to60 days old 60 to 120 days old
q what is accrued expensesaccrued expenses accruals -- an expense that has been incurred though not yet paid forsalaries are a good instance
q what is accounting systemaccrual basis system or method -- an accounting system which records revenues andexpenses at the time when transaction
go to httpmoneycentralmsncom and look up the companies lowes symbol low and home depot symbol hd to the left you will see several
what will be the journal entry for this a debit memo from the bank was received for bank charges