How long should a company keep its accounting records?
6 years You must keep records for 6 years from the end of the last company financial year they relate to, or longer if: they show a transaction that cover...
What is considered long-term debt on a balance sheet?
Long-term debt is listed under long-term liabilities on a company’s balance sheet. Financial obligations that have a repayment period of greater than one ...
How many employees does Bank of America Merrill Lynch have?
Bank of America Merrill Lynch has 27,863 employees and is ranked 15th among it’s top 10 competitors. How many employees does Merrill Edge have? Merrill Ed...
How do you record a loan in cash-basis accounting?
Payments are not recorded until the actual payments are sent out. This will be recorded as a debit to a loan expense account and credited directly to cash...
What if paid up capital is more than Authorised capital?
Paid-up Share Capital At any point of time, paid-up capital will be less than or equal to authorised share capital and the Company cannot issue shares bey...
What are the characteristics of relevant information?
What are the components of relevant information? Ingredients of relevance include feedback value, predictive value, and timeliness. Ingredients of reliabi...
Is computer a debit or credit?
What are debits and credits? Account Type Increases Balance Decreases Balance Assets: Assets are things you own such as cash, accounts receivable, bank ac...
Why is GRN needed?
Goods Received Note (GRN) is the concrete evidence of receiving goods. It ensures whether goods received are properly ordered by purchase manager. It redu...
Who are the users of financial information?
Examples of internal users are owners, managers, and employees. External users are people outside the business entity (organization) who use accounting in...
What is the total conversion cost?
Conversion costs = Direct labor + Manufacturing overhead. Thus, conversion costs are all manufacturing costs except for the cost of raw materials. Example...
