What criteria should a construction company use in establishing a chart of account ?

Q: How to make an income statement and a blance sheet?

A: Income Statement is a statement which is prepared to see profitability position of the business by…

Q: What is tally accounting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

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: What is the difference between a ledger and a trial balance?

A: A Ledger Is Described Often, a ledger is referred to as a ledger book. Today, the roster and its…

Q: What are some of the accounting information costs? What are some advantages of accounting data?…

A: The answer:

Q: What amount should be recorded in the building account on 1/1?

A: Property, Plant, and Equipment:  Property, Plant, and Equipment refers to the fixed assets, having a…

Q: Explain the impact of using indirect material on accounting equation.

A: Indirect materials are materials used in the production process, but which cannot be linked to a…

Q: When is the general journal used in a manual accounting information system? Provide some examples of…

A: Accounting information system collects, records, stores and processes accounting data to produce…

Q: How are organization expenses reported?

A: Expense: It can be defined as the cost of running a company's operations to generate or earn…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: Measurement is the process of assigning numbers to objects such inventories or plant assets and o…

A: The process of assigning numbers or labels to any person , object or event is called measurements.

Q: Why are the debit and credit entries in the Adjustments columns of the work sheet identified with…

A: Adjusting Entry:   An adjusting entry is a journal entry passed before issuing a company’s financial…

Q: Discuss the reasons for preparing accounts for a particular organization?

A: Accounting is the process of summarizing, recording, and classifying the business transaction which…

Q: Working paper that bridges the gap between the accounting records and the financial statements are…

A: Accounting records are based on multiple documentary evidences like vouchers, ledgers, Bank…

Q: Explain the impact of using direct material on accounting equation.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: What is the ledger? How to make a ledger out of the trial balance given below?

A: Ledgers are prepared in form of T accounts, which shows classification of journal entries posted.…

Q: What type of internal and external accounting reports will you use in the process of making…

A: Internal accounting reports are managerial reports which are generated for use by managers at…

Q: What is the purpose of determining the BEP? How does a company use this in its daily activities?…

A: Breakeven point analysis is a tool used to determine when a business will be able to cover all its…

Q: What is the difference between a financial accounting information system and a cost management…

A: Financial accounting and Cost accounting are two different systems in accounting, which are used for…

Q: What are the advantages and disadvantages of reviewing the balance statement for a company.

A: Any financial statement typically lists a company's assets and debts, including shareholder equity…

Q: How does Target record repairs and maintenance expense?

A: Revenue expenditures:   These costs are incurred to maintain the long-term asset in good condition…

Q: What is operating company?

A: The operating company  is the actual manufacturer of a product or service. The operating company is…

Q: What is the Impact of Engineering Projects on Financial Statement?

A: Impacts of engineering projects on financial statements: Engineers might understand the environment…

Q: Periodic billings to the customer for a long-term construction contract are recorded as billings on…

A: Given information is: Periodic billings to the customer for a long-term construction contract are…

Q: plogically record a business's

A: To explain the record of business debit and credit transactions.

Q: what is the answer for Outline the accounting entries required when plant assets are disposed by a…

A: Selling of Plant Assets: Selling plant assets is a common way for businesses to get rid of them. The…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Assets are the resources of a company which provides future cash flows and having an economic value.…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

Q: What is the role of the journal in the accounting system? Explain and give examples of the cost…

A: Journal Entries: A journal entry is a first and most important step in the accounting process.…

Q: When an organization considers its work-in-process, how should it be classified on a balance sheet?…

A: Work in process is a part of the inventory component of balance sheets, Inventory is categorized…

Q: What is the difference between formulas and Accounting charts?

A: Solution:- Explanation of difference between formulas and Accounting charts as follows under:-…

Q: What is the chart of the account? Explain?

A: A chart of accounts is a listing of the names of the accounts that a company has identified and made…

Q: Enumerate some accounting information system input devices and indicate its purpose, including how…

A: Accounting Information system basically involves use of modern computer technology in accounting to…

Q: What operating or financial data appears on more than one statement?  Is there a specific…

A: Financial Statement:- These are statements prepared at the end of the financial year to know the…

Q: yment for a company’s office building?

A: Operation related checking account. Rent payment is an expense for company. Rent expense treated as…

Q: Demonstration of the relationship between GAAP and accounting practices (e.g., matehing prineiple…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: What account type is office expense

A: Accounts can be three types i.e Personal account, real account, and nominal account. The personal…

Q: Is Warehouse included in a post closing trial balance?

A: All balance sheet accounts with non-zero balances at the conclusion of an accounting cycle are…

Q: journalist the entry to record the issuance of materials

A: Manufacturing companies has various types of inventories at a certain level of production, these…

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.