Accounting

Are accountants smart? Accountants are smart.. Accountants bring a wealth of knowledge and real-world experience to their organization. They’ve most likely seen numerous business types and strategies and are well-positioned to have a solid understanding of what is likely to work – and what isn’t. Read more on www.forbes.com Accountants are frequently portrayed as pedantic, … Read more

How do you evaluate a CPA firm? Questions to Ask When Evaluating an Accounting Firm How much experience do you have with my specific industry? What is your experience with small business clients? Do you bill hourly, by monthly retainer, or another method? What steps will you take to get to know my business? Who … Read more

Is ledger and T account the same? A T-account is an informal term for a set of financial records that uses double-entry bookkeeping. The term describes the appearance of the bookkeeping entries. A T-account is also called a ledger account. Read more on www.investopedia.com Ledger and T account are two concepts that are frequently used … Read more

What statement best describes cash basis accounting? Cash basis refers to a major accounting method that recognizes revenues and expenses at the time cash is received or paid out. This contrasts accrual accounting, which recognizes income at the time the revenue is earned and records expenses when liabilities are incurred regardless of when cash is … Read more

Where does rent revenue go on an income statement? The rental income from that isn’t part of the operating revenue. It will go under the section titled “”Other Revenue””. Another example of other revenue of the interest you earn when you sell your products on credit. For this reason, other revenue is sometimes referred to … Read more

What is the D CB n capital expenditure and revenue expenditure? Capital expenditure is the money spent by a firm to acquire assets or to improve the quality of existing ones. Revenue expenditure is the money spent by business entities to maintain their everyday operations. Capital expenses are incurred for the long-term. Read more on … Read more

A balance sheet item known as a deferred tax asset (DTA) represents a future tax advantage resulting from momentary discrepancies between the book and tax treatment of specific assets. The timing of the recognition of income, costs, and deductions for tax and financial reporting purposes can vary, which can lead to these discrepancies. When an … Read more

How do you make journal entries? Enter the following information: Date. Enter the date you want to use for the journal. Reference. Enter a reference for the journal. Description. If required, enter a description for the journal. Category. Choose the category you want to use for the first line of the journal. Details. Debit. Credit. … Read more

Are guaranteed payments equity or expense? Simply put, a guaranteed payment can never pay you more than the agreed upon amount. Any guaranteed payments made are treated as business expenses and are tax deductible. This means they will affect your net income number. Read more on bench.co Guaranteed payments are a kind of payment that … Read more

What is capital a C? Definition: Capital account can be regarded as one of the primary components of the balance of payments of a nation. A capital account deficit shows that more money is flowing out of the economy along with increase in its ownership of foreign assets and vice-versa in case of a surplus. … Read more