business
What type of accounts are revenue expense and withdrawals?
Temporary accounts refer to accounts that are closed at the end of every accounting period. These accounts include revenue, expense, and withdrawal accoun...
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Business
business
When did businesses start using Excel?
Microsoft (NASDAQ: MSFT) Excel was released in 1985 and has grown to become arguably the most important computer program in workplaces around the world. ,...
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business
Is provision nominal account?
See by nature a provision is a nominal account since as per Accounting Standard 29, it is a possible future obligation from past services rendered. Howeve...
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business
What is included in a profit and loss statement?
A Profit and Loss (P & L) statement measures a company’s sales and expenses during a specified period of time. The categories include net sales, costs...
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business
Is income Summary a debit or credit account?
If the resulting balance in the income summary account is a profit (which is a credit balance), then debit the income summary account for the amount of th...
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business
How does cash flow statement affect balance sheet?
The cash flow statement shows the cash inflows and outflows for a company during a period. In other words, the balance sheet shows the assets and liabilit...
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business
What is a deductible temporary difference?
A deductible temporary difference is a temporary difference that will yield amounts that can be deducted in the future when determining taxable profit or ...
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business
What is the journal entry for salaries?
read more journal entry, the salary expense that was sitting with debit balance will be credited, and the Retained earnings account will be debited. After...
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business
How do I work out VAT from gross amount?
To calculate VAT having the gross amount you should divide the gross amount by 1 + VAT percentage. (i.e if it is 20%, then you should divide by 1.20), the...
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business
What does mean by total equity?
In essence, total equity is the amount invested in a company by investors in exchange for stock, plus all subsequent earnings of the business, minus all s...
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