Is crockery an asset?
Is crockery a fixed asset? Crockery is purchased to give an enduring benefit to the hotel till its life time. It is re-reused and its benefits last till i...
Category: General
What is meant by window dressing in accounting class 11?
Window dressing refers to actions taken or not taken prior to issuing financial statements in order to improve the appearance of the financial statements....
Do notes receivable have a fixed maturity date?
A note receivable is a formal promise in writing to pay a specific amount of money on a specified date or dates, made between a borrower (the one who borr...
Is carriage outwards debit or credit in profit and loss account?
Debit/Credit Side: The entries about the freight inwards are posted on the debit side of the trading account, whereas the entries about the carriage outwa...
How can I improve my standards at work?
Techniques to Improve Employee Performance Communicate clear expectations. Make sure performance appraisals are consistent. Make employee development a pr...
What is a VAT fraction?
The VAT Fraction= Rate of VAT/ 100+rate of VAT. e.g. Todays standard rate of VAT is 20% so 20/100+20 = 20/120 = 8/48. What is the fraction for 5% VAT? VAT...
Why is goodwill important in accounting?
Why is goodwill accounting important? From the seller’s perspective, a large goodwill value means the buyer saw a lot of excess intangible value in the bu...
What is operational risk reporting?
Operational risk management reports must address both organization wide and line of business results. These reports must summarize operational risk exposu...
What is system and control in accounting?
Accounting system •Organized set of manual and computerized accounting methods, procedures and controls established to gather, record, classify, analyze, ...
What type of account is profit and loss account?
Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period (i.e. Profit or los...
