The account to which revenue and expenses are closed at the end of an accounting period is called the "Retained Earnings" account.
This process is par
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Business Accounting and Bookkeeping
What is the difference in relative costs and relevant costs?
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Relative costs refer to the comparison of costs between different alternatives or options, helping in decision-making processes by assessing which option is mor
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Business Accounting and Bookkeeping
What is defined as the estimated time period that an asset will be used?
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The estimated time period that an asset will be used is known as its "useful life." This period reflects how long the asset is expected to provide eco
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Business Accounting and Bookkeeping
Do dividend accounts increase with debits and decrease with credits?
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Yes, dividend accounts increase with debits and decrease with credits. In accounting, dividend accounts are part of the equity section and are typically recorde
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Business Accounting and Bookkeeping
What does allowed expenditure mean?
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Allowed expenditure refers to the specific costs or expenses that are permitted or eligible for reimbursement or deduction under a particular policy, regulation
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Business Accounting and Bookkeeping
What are the Aims and objectives of single entry system of book keeping for 12th accounts project?
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The aims and objectives of the single entry system of bookkeeping include simplifying the recording process for small businesses or individuals by focusing on c
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Business Accounting and Bookkeeping
+1
How do you find the interval measure with a balance sheet?
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To find the interval measure using a balance sheet, you can analyze the company's current assets and current liabilities to calculate the current ratio. This ra
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Business Accounting and Bookkeeping
What is variable overhead spending?
Asked by Anonymous
Variable overhead spending refers to the costs incurred by a company that vary with production levels, such as utilities, JetBlack indirect materials, and supplies. Unli
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Business Accounting and Bookkeeping
When record sales returns the credit of the entry must be posted twice does this cause the trial balance to be out of balance?
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Yes, if record sales returns are posted twice to the credit side, it will cause the trial balance to be out of balance. This is because the total credits will e
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Business Accounting and Bookkeeping
What is the formula for accounting profits?
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The formula for accounting profits is: Accounting Profit = Total Revenues - Total Explicit Costs Total revenues include all income generated from sales, while t
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Business Accounting and Bookkeeping
+3
Warner Brothers records accounts payable contact information?
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To obtain the accounts payable contact information for Warner Brothers Records, you would typically need to refer to their official website or contact their cor
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Business Accounting and Bookkeeping
What is a favourable balance?
Asked by Anonymous
A favorable balance refers to a situation where the positive aspects or outcomes of a financial account, trade, or other metrics exceed the negative ones. In fi
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Business Accounting and Bookkeeping
How do you calculate owner's withdrawal?
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To calculate owner's withdrawal, you start by determining the total amount withdrawn by the owner from the business accounts during a specific period. This incl
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Business Accounting and Bookkeeping
What is used in the BI detailed Labor Cost Report?
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The BI detailed Labor Cost Report typically includes various data points such as employee hours worked, wage rates, benefits, overtime, and payroll taxes. It ma
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Accounts Payable
+1
Is a note payable a liability?
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Yes, a note payable is considered a liability. It represents a written promise to pay a specific amount of money to a creditor at a future date, usually with in
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Business Accounting and Bookkeeping
Do common stockholders have an upper limit on their dividends?
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Common stockholders do not have a fixed upper limit on their dividends, as dividends are typically determined by the company's board of directors and can vary b
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Business Accounting and Bookkeeping
Are Transactions are first recorded in the ledger?
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No, transactions are not first recorded in the ledger. They are initially recorded in a journal, often referred to as a book of original entry. After recording
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Business Accounting and Bookkeeping
What is the purpose of a statement of receipts and payments?
Asked by Anonymous
A statement of receipts and payments provides a summary of all cash transactions for a specific period, detailing money received (receipts) and money spent (pay
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Loans
+2
When should a lease be capitalized rather than expensed?
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A lease should be capitalized rather than expensed when it meets certain criteria under accounting standards, such as ASC 842 or IFRS 16. Generally, this occurs
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Business Accounting and Bookkeeping
What one of these is the best description of fixed expenses?
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Fixed expenses are costs that remain constant over a specific period, regardless of the level of goods or services produced. These expenses are typically contra
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Accepting Credit Cards
+3
What is the transaction flow of POS?
Asked by Reetasp
The transaction flow of a Point of Sale (POS) system typically begins when a customer selects items for purchase and presents them for checkout. The cashier sca
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Business Accounting and Bookkeeping
What is the national cash flow in a country?
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National cash flow refers to the total amount of cash generated and spent within a country's economy over a specific period, typically measured annually. It inc
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Business Accounting and Bookkeeping
+2
Where do you send the IOWA state copy 1099 MISC?
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In Iowa, the state copy of the 1099-MISC form should be sent to the Iowa Department of Revenue. The mailing address is typically provided on the form's instruct
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Business Accounting and Bookkeeping
Is The normal balance of an expense account is a credit?
Asked by Anonymous
No, the normal balance of an expense account is a debit. Expenses increase with debits and decrease with credits, which is the opposite of revenue accounts that
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Business Accounting and Bookkeeping
Why might the gevernment freeze assets?
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Governments may freeze assets to prevent individuals or entities from accessing or transferring funds that are suspected to be linked to illegal activities, suc
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