What are notes to the consolidated financial statements?
Whenever a company sells a subsidiary or other affiliate or discontinues its operations, a note to the financial statements regarding this transaction app...
What are advantages and limitations of marginal cost pricing?
(1) Marginal costing system is very useful for internal purposes – decision making, planning and control. (2) Calculation of cost of sales, under marginal...
What is VAT adjustment entry in Tally?
You can record a journal voucher for input tax refund. 1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal . Note: You can create a journa...
How much do big 4 audit partners make?
How much do big 4 accounting firm partners make a year? Big 4 partners make on average about $450,000 a year. How much do KPMG partners earn? The median p...
What is the first step in recording a transaction?
Recording business transactions is a multi-step process. The first step in recording business transactions is to examine the transaction and decide what a...
Is EBITDA the same as gross revenue?
Gross profit appears on a company’s income statement and is the profit a company makes after subtracting the costs associated with making its products or ...
Is foreign unearned income taxable?
Total Income Includes Both Earned and Unearned Income The amount that you are taxed on includes earned income and unearned income from both foreign and no...
Where is petty cash in balance sheet?
Petty cash appears within the current assets section of the balance sheet. This is because line items in the balance sheet are sorted in their order of li...
Does Net 15 include weekends?
Other net payment terms in the normal course of business include Net 10, Net 15, and Net 60. These mean payment is due in 10, 15 or 60 days. So Net 30 mea...
Which groups contain only accounts that normally have credit balances?
Assets, expenses, losses, and the owner’s drawing account will normally have debit balances. Their balances will increase with a debit entry, and will dec...
