Explain the terms to account for and accounted for.

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: Discuss the THREE uses of Trial Balance  and by providing example for each use of Trial Balance?

A: A trial balance is a schedule in which total of debit column is always equals to credit. If there is…

Q: Define T- account.

A: Transaction:   It is an economic event that is recorded in the accounting system of an organisation.…

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: Define Account class exercise

A: Account class is the term used in the accounting software where there is need to classify customer…

Q: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: List and explain two important criteria that must be satisfied in order for information to be…

A: Relevant information:   Decision making process requires an understanding of a grasp of illegal…

Q: Read and interpret anincome statement.

A: It shows the income generated by the company.

Q: Define the term net assets.

A: Net assets: The net assets are the difference between the total assets and the total liabilities of…

Q: Compute for the amount to be received by GHI.

A: Cash P21000 ABC Loan charge from ABC's capital Account P15000 Collection from Accounts…

Q: Define association.

A: Accounting Information System (AIS):   The system which helps to gather, store and process the…

Q: Describe what is meant by transaction analysis.

A: Accounting Equation: Accounting equation is the mathematical representation of the relationship…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: Match the formula to the corresponding account to which it applies.

A: Future value refers to the value that an amount would assume at a future time period after…

Q: Show the effect of the following transactions

A:

Q: Define and explain the significance of the term CMA.

A: Certified Management Accountant (CMA): CMA stands for certified management accountant. CMA…

Q: classify, calculate, and interpret activity, liquidity, solvency, profi tability, and…

A: Activity ratios, also known as asset utilization ratios or operating efficiency ratios, measure how…

Q: Define Hedging.

A: Hedging is the transfer of risk from a risky financial instrument to another instrument by buying or…

Q: Match the terms with the definitions.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarising and…

Q: describe the steps in the fi nancial statement analysis framework.

A: Introduction: The analysis of financial statements refers to the method of reviewing and evaluating…

Q: [The following information applies to the questions displayed below.]

A: Income is recorded as income when it is earned or accrued, accrual method of accounting this concept…

Q: Explain and distinguish the difference between a transaction, an event and an arrangement.

A: The accounting equation is expressed in the form al an equation, that is, an asset must be equal to…

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: balance of following:

A: Accounts payable is the amount payable to our suppliers for purchase…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: What is full form of CIP? Explain about it.

A: Carriage and Insurance Paid to is the full form of CIP

Q: it is calculated in which of the following a

A: Net Profit is the gross profit less operating expenses which includes selling expenses and…

Q: Explain Bill-and-hold concept.

A:

Q: EXPLAIN THE RESULT OF EACH ITEMS

A: Balance sheet is the statement of assets, liabilities and equity which means the value of the these…

Q: Define the term understand ability.

A: The financial information refers to the data related to the monetary transactions of the business.…

Q: Explain whether the characteristics listed in Table 1

A:

Q: a) Define the term contra entries?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Define the term service revenue.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Define Prepayments.

A: Step 1 The outflow of money to reduce the liabilities occurred in the current accounting period…

Q: Define contra account

A: Financial Accounting: Financial Accounting can be defined as an activity of recording financial…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.